the heights: west
TRANSCRIPT
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THE HEIGHTS: WEST975 S MANHATTAN PLACE, LOS ANGELES, CA 90019
KOREATOWN ENTITLED DEVELOPMENT OPPORTUNITY
23323 W OLYMPIC BLVD | KOREATOWN, LOS ANGELES
Duncan [email protected]+ 1.310.899.2733CA Lic 00857008
Richard [email protected]+ 1.310.899.2731CA Lic 02041817
LEE & ASSOCIATES LOS ANGELES WEST, INC.1508 17th Street Santa Monica, CA 90404
+ 1.310.899.2700 | www.leewestla.com | DRE 01222000
For More Information Please Contact:
Table of Contents
03 Executive Summary Entitlement Overview Proposed Amenity Program - Amenity Concept Proposed Amenity Program - Pool Deck Concept Proposed Amenity Program - Rooftop Concept Project Floor Plates Individual Suite Layout Plans Project Site Map Tenant Views
16 Area Overview Neighborhood Amenity Map Neighborhood Demographics Local Developments
20 Market Comparables Residential Rental Properties
33323 W OLYMPIC BLVD | KOREATOWN, LOS ANGELES
Lee & Associates is pleased to present The Heights: West, a fully entitled mixed-use project located at 975 S Manhattan Place in the highly sought-after neighborhood of Ko-reatown, Los Angeles. The site will allow 95 units within a gross building area of approximately 97,500 square feet. Proposed amenities include a pool, rooftop deck, outdoor seating area with BBQs, fire pits, a gymnasium, and a lounge for your tenants to enjoy. This opportunity gives a developer the ability to make an immediate impact on the Los Angeles multi-family market with a class A building on a top tier corridor. There are two Metro stations within walking distance as well as frequent bus lines to take young professionals to and from their destinations when venturing outside the amenity rich Koreatown. The corner of Olympic Boulevard and Manhattan Boulevard sits uniquely on a perched hill giving tenants unmatched views of the Downtown Los Angeles Skyline and the famous Hollywood sign. The Heights: West entitlement is a truly rare develop-ment opportunity.
Executive Summary
Fully Entitled Development Opportunity
43323 W OLYMPIC BLVD | KOREATOWN, LOS ANGELES
West Building, 7 Stories, 95 Units. Mixed Use Building with 2 Levels of Subterranean Parking.
ADDRESS
CONSTRUCTION TYPE
ZONING
SITE AREA
UNIT COUNT
PARKING
PROPOSED BUILDINGHEIGHT
975 S Manhattan PlaceKorea Town, Los Angeles, CA 90019
Type III-A over Type I-A
C2-1 and R4-1
West Side± .64 Acres = ± 28,103 SF
West Side95 Units
149 Total Vehicle Spaces
86’-6”
Entitled Price $ 14,000,000
Olympic Boulevard
Western Avenue
Entitlement Overview
53323 W OLYMPIC BLVD | KOREATOWN, LOS ANGELES
Unit Type Avg. Unit Size (SF) Count
Studio 622 7
1Bedroom 719 28
1BR + Den 791 32
2 Bedrooms 1,139 28
Total Residential Units 95
Total Gross Building Area (Approx.) ± 97,500 SF
Allowable Unit Count (Overall)
Site Area: 28,103 SF
C2-1 & R41: 28,103 Gross SF Lot Size/ 400 SF Per Unit = 70 Units
70 Units x 35.0% Density Bonus = 25 Bonus Units 70 Units + 25 Bonus Units = 95 Units
Affordability: 70 Base Units x 11% = 8 very low affordable units
Project Density
Entitlement Overview
63323 W OLYMPIC BLVD | KOREATOWN, LOS ANGELES
Proposed Amenity Program
Enclosed Amenity Concept Plan - 1,908 SF
73323 W OLYMPIC BLVD | KOREATOWN, LOS ANGELES
Proposed Amenity Program
Pool Deck Concept
83323 W OLYMPIC BLVD | KOREATOWN, LOS ANGELES
Rooftop Concept - 1,790 SF
Proposed Amenity Program
93323 W OLYMPIC BLVD | KOREATOWN, LOS ANGELES
Project Floor Pates
Level 1 Concept Plan
103323 W OLYMPIC BLVD | KOREATOWN, LOS ANGELES
Project Floor Pates
Levels 2-7 Concept Plans
113323 W OLYMPIC BLVD | KOREATOWN, LOS ANGELES
Project Floor Pates
Roof Concept Plan
123323 W OLYMPIC BLVD | KOREATOWN, LOS ANGELES
Individual Suite Layout Plans
133323 W OLYMPIC BLVD | KOREATOWN, LOS ANGELES
Manhattan Place
W 8TH Stre
et
<10 Minute Walk to Metro3 Minute Bus Ride to Metro
<10 Minute Drive to Downtown Via Olympic Blvd
Metro Wilshire Line
Metro Hollywood Line728 Bus LineOlympic Boulevard
207 Bus Line
2B B
us L
ine
Western Avenue
Koreatown
Downtown LA
Project Site Map
Gateway to Downtown Los Angeles
143323 W OLYMPIC BLVD | KOREATOWN, LOS ANGELES
Tenant Views
Downtown View from 7th Floor
Hollywood Hills from 7th Floor
153323 W OLYMPIC BLVD | KOREATOWN, LOS ANGELES
South View from 7th Floor
West View from 7th Floor
Tenant Views
163323 W OLYMPIC BLVD | KOREATOWN, LOS ANGELES
Centrally located minutes west of Downtown L.A. and just south of Hollywood and Silverlake, Koreatown is one of the most diverse and buzz-worthy neighborhoods in Los An-geles. The 2.7 square mile radius is the most densely populated district in Los Angeles County, with 120,000+ residents and growing. Despite a name that evokes a traditional ethnic enclave, the community has a rich cultural diversity, with half the residents being Latino and a third being Asian. There is a mixture of well-known national tenants as well as locally owned bakeries, beauty salons, bubble tea shops, clothing boutiques and some of the world’s top Korean BBQ restaurants. K-town is known for having one of the largest concentration of nightclubs and 24-hour businesses and restaurants in the country. Even frequent visitors have only scratched the surface of this vibrant district. The recent influx of chef-driven restaurants, boutique hotels and (hidden) nightspots has drawn a new wave of trendy visitors and residents with no signs of slowing down. Koreatown is booming. There are over 50 new projects currently in various stages of development with new rental units coming on line demanding higher and higher rents to match the demand. There is no wonder LA Weekly recently called Koreatown the hippest neighborhood in the world.
Area Overview
Koreatown Rich for Development
173323 W OLYMPIC BLVD | KOREATOWN, LOS ANGELES
wilshire blvd
western ave
w 8th street
w olympic blvd
san marino st
normandie ave
manhattan pl
w 6th street
vermont ave
Food & Drink1. Eight Korean BBQ2. Document Coffee Bar3. M Grill Brazilian Churrascaria4. Hae Jang Chon Korean BBQ5. Ahgassi Gopchang6. Han Bat Shul Lung Tang7. Myoung Dong Kyo Ja8. Bulgogi Hut9. Roll roll Roll
10. Kang Ho Dong Baekjeong11. Sun Nong Dan12. Ham Ji Park13. Dan Sung Sa14. Seong Buk Dong15. JJ2 Bakery16. OB Bear17. It’s Boba Time Vermont18. Ocha Classic 119. Soowon Galbi20. Park’s Barbeque21. Beverly Soon Tofu Restaurant22. Simple Karaoke23. R Bar24. Magal BBQ25. Cafe Korobokgur26.Plato27. Slurpin’ Ramen Bar28. I Love Boba29. Thank U Pho30. Kung Fu Tea31. Southland Beer32. Mr. Boba33. Boba Story34. Pharaoh Karaoke Lounge35. Gamja Gol36. Guelaguetza Restaurante37. Myung In Dumplings38. Ssam Korean BBQ39. Meat Love Korean BBQ40. Dha Rae Oak
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Retail | Hospitality | Landmarks1. Koreatown Galleria2. Koreatown Plaza3. CGV Cinemas Movie Theater4. The Wiltern5. 24 Hour Fitness6. The LINE Los Angeles7. Hotel Normandie LA8. Top’s Art Supplies9. Consulate General of the Republic
of Korea10. Metro Place Beauty11. Chase Bank12. World 813. YogaWorks Koreatown14. Hannam Supermarket15. Seoul International Park
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w 4th street
Neighborhood Amenity Map
The Heights - West: Steps to a Host of Amenities, from Hidden Gems to National Chains
183323 W OLYMPIC BLVD | KOREATOWN, LOS ANGELES
Olympic Boulevard
Manhattan Place
Western Avenue
Wilshire Boulevard
DEMOGRAPHICS
COMMERCE<10 Million Square Feet of
Office Space within Immedate Area
>POPULATION115K+ within 1 Mile670K+ within 3 mi
VISIBILITY<45K+ Cars per day
Metro Purple Line>5 Blocks to Wilshire/ Western Station
Bike Friendly Building>61 space capacity
93 Walk Score
TRANSPORTAION
Within 3 Miles of the Site
2018 Total Population - 641,5652018 Households - 228,262
2018 Median Income - $37,964Median Home Value - $694,163
2023 Est. Population - 654,843Population Growth - 2.07%
Within 1 Mile of the Site
2018 Total Poulation - 93,2692018 Households - 34,367
2018 Median Income - $35,781Median Home Value - $753,103
2023 Est. Population - 95,282Population Growth - 2.13%
2017 Traffic Volume34,425 - 49,437
126 FT Frontage on Olympic Boulevard
260 FT Frontageon Manhattan Place
Neighborhood Demographics
193323 W OLYMPIC BLVD | KOREATOWN, LOS ANGELES
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1. 3980 Wilshire Blvd104 Units | Compl. 2019
2. 700 S Manhattan Pl160 Units | Compl. 2018
3. 940 S Western Ave79 Units | Compl. 2018
4. 3700 Wilshire BlvdTBD
5. 635 S Hobart Blvd159 Units | Compl. 2008
6. 3640 Wilshire Blvd209 Units | Built 2017
7. 3460 W 7th Street168 Units | Built 2013
8. 3545 Wilshire Blvd428 Units | Compl. 2020
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89
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9. 3550 W 6th Street110 Units | Built 2016
10. 105 S Mariposa Ave40 Units | Built 2017
11. 3060 Olympic Blvd226 Units | Compl. 2019
12. 1011 South Serrano Ave91 Units | Compl. 2019
13. 2870 Olympic Blvd120 Rooms | Compl. 2020
14. 2800 W Olympic Blvd70 Units | Compl. 2019
15. 3525 W 8th Street367 Units | Compl. 2020
16. 800 S Western Ave96 Units | Compl. 2021
17. 3100 W 8th Street226 Units | Compl. 2019
18. 679 S Harvard Blvd110 Rooms | Compl. 2019
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Local Developments
203323 W OLYMPIC BLVD | KOREATOWN, LOS ANGELES
Studio
Property Address Name Year Built Units Size (SF) Price $/SF
620 S Virgil Avenue Next on 6th 2017 420 511 $2,440.00 $4.77
685 S New Hampshire Avenue Bershire K2LA 2016 177 527 $2,501.00 $4.75
635 S Hobart Boulevard Avana on Wilshire 2008/2016 159 507 $1,993.00 $3.93
687 S Hobart Boulevard The Pearl 2018 348 435 $2,169.00 $4.99
5100 Wilshire Boulevard The Mansfield 2018 138 530 $2,450.00 $4.62
1 Bedroom
Property Address Name Year Built Units Size (SF) Price $/SF
3060 Olympic Boulevard 30Sixty 2018 226 600 $2,250.00 $3.75
687 S Hobart Boulevard The Pearl 2018 348 598 $2,378.00 $3.98
3033 Wilshire Boulevard 2016/2018 190 809 $3,155.00 $3.90
635 S Hobart Boulevard Avana on Wilshire 2008/2016 159 765 $3,182.00 $4.16
685 S New Hamshire Avenue Bershire K2LA 2016 177 717 $2,464.00 $3.44
616 S Kenmore Avenue The Kenmore 2018 57 710 $2,806.00 $3.95
5100 Wilshire Boulevard The Mansfield 2018 138 789 $3,550.00 $4.50
1 + Den
Property Address Name Year Built Units Size (SF) Price $/SF
2245 Wilshire The Thompson 2018 202 627 $2,295.00 $3.66
2 Bedroom
Property Address Name Year Built Units Size (SF) Price $/SF
620 S Virgil Avenue Next on 6th 2017 420 979 $3,668.00 $3.75
3640 Wilshire Boulevard Luna 2017 209 956 $3,250.00 $3.40
635 S Hobart Boulevard Avana on Wilshire 2008/2016 159 1000 $4,256.00 $4.26
3033 Wilshire Boulevard 2016/2018 190 1408 $4,623.00 $3.28
3345 Wilshire Boulevard The Thompson 2018 202 911 $3,110.00 $3.41
Residental Rental Properties
Market Comparables
Richard DeGirolamo+ 1.310.899.2731
[email protected] 02041817
Duncan Lemmon+ 1.310.899.2733
[email protected] 00857008
Presented by
For Further Information Contact:LEE & ASSOCIATES LOS ANGELES WEST, INC.
1508 17th Street Santa Monica, CA 90404310.899.2700 | www.leewestla.com | DRE 01222000