The first phase of The Rise Koreatown, a mixed-use building in Los Angeles’ Koreatown neighbourhood, consisting of 363 units, has been finished by Cal-Coast Building Corp. and Rescore Property Corp. Construction on the project started in 2019. The developers hired Nadel Architecture + Planning to handle all aspects of the architecture. Additionally, in November 2018, Barings provided construction financing for the project in the amount of US $153 million.
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The multifamily phase of The Rise Koreatown consists of studio and one-bedroom units. The sizes range from 457 to 1,119 square feet. The units have full-size washer and dryer sets with 36 of the units designated as affordable housing. Some homes also included floor-to-ceiling windows, stainless steel appliances, and balconies or patios. The community’s amenities include a two-story gym, sauna, dog park, and clubhouse. Additionally, there will be a karaoke lounge, virtual golf simulator, gaming room, card room, study rooms, and outdoor terraces.
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The Rise Koreatown also has 6,000 square feet of solar panels, and 97 electric vehicle charging stations. It also has storage for 461 bicycles that the developers incorporated as sustainability features. The neighbourhood at 750 S. Oxford Ave., is four miles from both downtown Los Angeles and several Koreatown’s eateries, cafes, shops, and retailers.
The Rise Koreatown’s condos were the focal point of the project’s first phase. However, its second phase, which will feature 52,619 square feet of retail space, is scheduled to begin building this summer. The second phase will open within the first quarter of 2024.
In addition to The Rise Koreatown, Cal-Coast also built a comparable 368-unit building in Los Angeles. The Rise Hollywood’s developer additionally received US $100 million in construction finance from Bank OZK in 2017, and the mixed-use development was subsequently finished.
