One of America's densest neighborhoods may attract another redevelopment project in another sign of demand for housing in Los Angeles.
An eight-story project with 60 residential units and roughly 2,700 square feet of commercial space is being planned for 315 N. Vermont Ave. in L.A.'s Koreatown neighborhood, according to city of Los Angeles records. The property, which currently features an 18-unit apartment property, is adjacent to LA Metro's Vermont-Beverly Station.
The project's applicant is Amir Houriani of Los Angeles-based Beverly Vermont Properties. Houriani didn't respond to a LinkedIn message and phone call for comment from CoStar News.
Colliers is marketing the property for sale, a Colliers spokesperson told CoStar News. The Colliers spokesperson didn't respond to a question about whether the property was under contract.
The project is the latest proposal near an LA Metro stop as the region sinks $120 billion into expanding mass transit, which is among the largest investments in the United States currently. For example, CGI+, a Los Angeles-based developer, aims to break ground next year on a major mixed-use project near the Wilshire-La Brea station along LA Metro's Purple Line expansion.
The Koreatown apartment market has a 5.1% vacancy rate, above the greater Los Angeles average of 4.9%, according to CoStar data. The market's average monthly rent is $1,887, below the greater L.A. average of $2,222.
Roughly 46 apartment projects are planned to be built in Koreatown, which already has around 61,000 units, according to CoStar data.