Koreatown’s Commercial-to-Residential Wave Rolls On
The skyline of Los Angeles is changing, and the city’s premier Korean-American real estate developer is leading the charge with cash in hand. Jamison has successfully secured a massive $60 million financing to bankroll its latest office-to-residential ‘Adaptive Reuse’ project in the heart of Koreatown.
According to recently uncovered property records, the millions will go directly toward transforming the 13-story office building located at 3424 Wilshire Blvd. This shift comes at a critical time when remote work has emptied commercial high-rises, while the demand for local housing remains at an all-time high.
Inside the 3424 Wilshire Transformation
According to Jamison’s official pipeline, the 200,000-square-foot commercial building will morph into a vibrant mixed-use residential complex.
-
The Blueprint: Conversion of the 13-story structure into 260 modern apartment units alongside ground-floor retail space.
-
Current Status: The project’s structural firm, Lam+Tea Engineering, confirmed that construction blueprints are 100% complete and are currently undergoing rigorous California and LA City building code reviews.
Jamison originally bought the property back in 2008 from the Roman Catholic Archdiocese of Los Angeles for roughly $31 million, initially leasing it back to church entities. Property data reveals that right before this $60 million loan was finalized, the building’s title was transferred between two Jamison-affiliated entities in a deal valued at around $21 million, clearing the runway for the new Jamison’s LA Apartments development.
The King of “Adaptive Reuse” Doubles Down
This Wilshire project is just one piece of a massive chess game Jamison is playing across Los Angeles. Faced with a sluggish office market, the developer has been aggressively converting vacant desks into living spaces:
-
Downtown LA Power Move: Earlier this year, Jamison secured a whopping $195 million to convert a 33-story office tower (1055 W 7th St.) into 686 apartments.
-
Koreatown Footprint: Last year, they pushed forward plans to turn a 20-story office building at 3550 Wilshire Blvd. into 495 units.
-
Other Ventures: Active conversions are also underway at 3325 Wilshire Blvd. and the iconic World Trade Center redevelopment downtown.
New CEO, New Era
This aggressive portfolio shift coincides with a major changing of the guard at the family-run real estate empire.
Jaime Lee has officially stepped down from her long-held role as Chief Executive Officer. Taking the wheel as the new CEO is her younger brother, Garrett Lee, who previously proved his mettle as the president of the residential development arm, Jamison Properties. Meanwhile, their brother Phillip Lee continues to handle the commercial asset management side as president of Jamison Services.
