Public-Private Partnership Breaks Ground on $453M Redevelopment Project in LA’s Koreatown District
LOS ANGELES — Trammell Crow Co. (TCC), in a public-private partnership with the County of Los Angeles (LA County), Public Facilities Group and Meta Housing Corp., has commenced construction of Vermont Corridor, a three-site redevelopment project in Los Angeles’ Koreatown submarket. The development costs are estimated at $453 million, according to local media reports.
LA County owns all three sites, which span three city blocks between 4th and 6th streets. Situated on Vermont Avenue within one block of the Metro Red and Purple subway lines, the transit-oriented project comprises:
• a new, 468,000-square-foot, Class A office headquarters for the LA County Department of Mental Health and Workforce Development, Aging and Community Services
• an adaptive reuse of an existing 12-story office building into 172 residential units and
• a 72-unit affordable seniors housing complex with a 13,000-square-foot community center to be operated by the YMCA of Metropolitan Los Angeles
Construction will occur in multiple phases, beginning with the development of the Vermont Corridor County Administration Building. Designed by Gensler, the 21-story building will feature 7,500 square feet of ground-floor retail space, a peer resource center, fitness facility, open office floor layouts, outdoor terrace with an amenity deck, an indoor/outdoor conference space and a press room.
Hathaway Dinwiddle is serving as general contractor for the office component, which is slated for completion in the fourth quarter of 2021. The design team is seeking LEED Silver certification for this portion of the project.
Meta Housing is scheduled to begin construction on the seniors housing units and YMCA community center by mid-2019. Y&M Architects is serving as architect for the seniors housing component.
The final phase of the project — the multifamily adaptive reuse project — is slated to being in late 2021. The project team includes High Street Residential, TCC’s residential subsidiary, and architect Steinberg Hart.
The multifamily property will feature a mix of studio, one- and two-bedroom units, a rooftop amenity deck, 4,700 square feet of ground-floor retail space and other amenities.
“We are thrilled to commence construction on this unique project that will transform this neighborhood and bring much needed county services and housing into the community,” says Greg Ames, managing director of TCC’s SoCal – Los Angeles Business Unit.
Founded in 1948, Trammell Crow Co. has developed or acquired 2,700 buildings spanning more than 590 million square feet that are valued at nearly $65 billion. The company is an independent subsidiary of Los Angeles-based CBRE Group Inc.
As of June 30, TCC had $8 billion of projects in process and $3.9 billion in its development pipeline.
— Amy Works and John Nelson