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Jamison and its joint venture partner Arc Capital Partners have begun converting 3325 Wilshire Blvd., a 13-story, 233K SF office building, into 236 apartments and 15K SF of street-level retail.
“There simply is not enough housing in Los Angeles to meet the demand, especially in Koreatown,” Jamison CEO Jaime Lee said in a statement.
Seismic, mechanical, electrical and plumbing upgrades are underway at the property now. When work is complete, the property will hold studio, one- and two-bedroom units, a gym, coworking spaces, a screening room, a karaoke room, a golf simulator and an outdoor deck.
Residential occupancy is expected in the next 18 to 24 months. Jamison has transformed nearly 1.4M SF of office space into more than 1,200 apartments, according to a release from the firm.
This project, Jamison's 10th such adaptive reuse development, is being financed through a $60M taxable multifamily housing revenue bond, the company said.
Arc Capital Partners owns the prominent retail property Chapman Plaza in Koreatown.
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