THE HEIGHTS: EAST - images1.loopnet.com · Lee & Associates is pleased to present The Heights: East, a fully entitled mixed-use project located at 3323 W Olympic Boulevard in the

THE HEIGHTS: EAST3323 W OLYMPIC BOULEVARD, LOS ANGELES, CA 90019

KOREATOWN ENTITLED DEVELOPMENT OPPORTUNITY

Presented by

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


Lee & Associates is pleased to present The Heights: East, a fully entitled mixed-use project located at 3323 W Olympic Boulevard in the highly sought-after neighborhood of Koreatown, Los Angeles. The site will allow 94 units and 3,260 square feet of retail space within a gross building area of approximately 121,750 square feet. Proposed ameni-ties 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: East entitlement is a truly rare development opportunity.

Executive Summary

Fully Entitled Development Opportunity


East Building, 7 Stories, 94 Units. Mixed Use Building with Ground Floor Commercial Space and 2 Levels of Subterranean Parking.

ADDRESS

CONSTRUCTION TYPE

ZONING

SITE AREA

UNIT COUNT

PARKING

PROPOSED BUILDINGHEIGHT

3323 W Olympic BlvdKorea Town, Los Angeles, CA 90019

Type III-A over Type I-A

C2-1, R3-1 and R4-1

East Side± .80 Acres = ± 34,915 SF

East Side94 Units

168 Total Vehicle Spaces(136 Residential and 13 Retail Required)61 Bicycle Spaces

88’-8”

Entitled Price $ 15,250,000

Olympic Boulevard

Western Avenue

Entitlement Overview


Unit Type Avg. Unit Size (SF) Count

1 Bedroom 776 7

1BR + Den 791 20

2 Bedrooms 1,127 53

2 BR + Den 1,227 14

Total Residential Units 94

Total Gross Building Area (Approx.) ± 121,750 SF

Allowable Unit Count (Overall)

Site Area: 34,915 SF

C2-1 & R41: 19,290 Gross SF Lot Size/ 400 SF Per Unit = 49 Units

R3-1: 15,625 Gross SF Los Size/ 800 SF per unit = 20 Units

69 Units x 35.0% Density Bonus = 25 Bonus Units 69 Units + 25 Bonus Units = 94 Units

Affordability: 69 Base Units x 11% = 8 very low affordable units

Project Density

Entitlement Overview


Proposed Amenity Program

Enclosed Amenity Concept Plan - 1,992 SF



Pool Deck Concept


Rooftop Concept -2,105 SF



Project Floor Pates

Level 1 Concept Plan


Project Floor Pates

Levels 2-7 Concept Plans


Project Floor Pates

Roof Concept Plan


Individual Suite Layout Plans


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

Project Site Map

Gateway to Downtown Los Angeles

Koreatown

Downtown LA


Downtown View from 7th Floor

Hollywood Hills from 7th Floor

Tenant Views


South View from 7th Floor

West View from 7th Floor

Tenant Views


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


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 - East: Steps to a Host of Amenities, from Hidden Gems to National Chains


Olympic Boulevard

Manhattan Place

Western Avenue

Wilshire Boulevard

Neighborhood Demographics

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


1

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


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


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


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


2245 Wilshire The Thompson 2018 202 627 $2,295.00 $3.66

2 Bedroom


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


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

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THE HEIGHTS: EAST - images1.loopnet.com · Lee & Associates is pleased to present The Heights: East, a fully entitled mixed-use project located at 3323 W Olympic Boulevard in the