A diverse cultural hub that encompasses roughly 3 square miles in the heart of Los Angeles, Koreatown is home to a dense assortment of historic and contemporary buildings. Over the years, it has continued to rapidly evolve as a result of development activity that brings more housing and parking to the neighborhood.
In early 2019, construction began on Simon Place, Koreatown’s newest condo development by Inland Builders.
After interviewing dozens of builders in town, South Korea-based parent company Sirius Corporation awarded the $32 million construction contract to Inland Builders. Located on the corner of Oxford Avenue and West Fifth Street, the 10-story, 89-unit condominium building will replace a long vacant lot. It will feature eight stories of above-ground living space and two levels of underground parking, offering a total of 216 parking spots, which includes 14 electric vehicle-charging stations.
“If you have ever been to Koreatown, then you are well aware of the major lack of parking,” said Ivano Stamegna, CEO of Inland Builders and general contractor for the project.
“This new community seeks to relieve some of that pressure by providing two levels of subterranean parking for its residents. We are actively welcoming opportunities to help other landowners in LA with similar projects.”
All residential units will have two bedrooms and two bathrooms, and the top-floor penthouse units will include loft areas as well. Each condo will also feature wood flooring, gas ranges, tile bathrooms and high-end fixtures throughout.
“As far as COVID-friendly features go, we are still in the process of incorporating that into the design,” Stamegna said. “Of course, the common areas will feature hand sanitizing stations. There will be a number of modern design features, both structurally and aesthetically. The lobby will have high ceilings with glossy finished concrete walls. The rest of the common areas will follow suit with a modern look and feel.”
The property will offer a wide range of luxurious amenities that will be exclusively available to Simon Place residents. In addition to a fitness center, pool and spa, there will also be a golf practice zone, dog run and dog washing station, and recreation room with a theater. The building will have a secure entry and key fob system, in addition to a leasing office and package concierge. It is located a short walking distance from California Market and a plethora of restaurants along Western Avenue.
“While Koreatown is a well-established neighborhood of LA, it is arguably still very up and coming,” Stamegna said. “It is one of the few places in LA where you can see height density and high walkability, yet there is still a surmounting need for revitalization. Most structures in this area are coming to the end of their life cycle and have yet to be updated to meet the needs of the current population. We are currently creating jobs in all of the construction trades. With the new norm of working from home, we hope that future residents will enjoying calling their homes ‘the office’ as well.”
Simon Place is scheduled to open July 4, 2021. Units are available for purchase, and for more information, contact Arnold Bang at 213-480-7000 or visit inlandbuild.com.