Photo: Kurve on Wilshire
Kurve, a new $300 million dollar mixed-use multifamily and retail development by Hankey Investment Company LP and Jamison Properties LP, is now open for leasing. The location for this new mixed-use project is at Westlake, Los Angeles (2801 Sunset Place Los Angeles, 90005) which lies right on the border between Koreatown and Downtown LA.
In 2016, Jamison Properties LP submitted an application to the Planning Department to construct a mixed-use development on a three-acre property at the southwest corner of Wilshire Blvd and Hoover Street. Although the plans originally called for a 31-story tower with 13,000 square feet of ground-floor retail space, the modified project features 23-stories with 15,000 square feet of ground-floor retail, with more than 1,100 parking spaces.
Kurve is a 23-story residential tower with luxury amenities and consists of 644 units: studios, one bedrooms, two bedrooms, and penthouse units ranging in size from 600 to 4,000 square feet. The monthly rental rates range from $2,200 to $31,995 and their signature 3,755 square feet penthouse is available at $31,995/month.
Kurve’s digital brochure describes the interior design as a ‘styled space’, with refined looks accompanied the latest appliances and smart home technology. This specifically includes stainless steel appliances, floor-to-ceiling windows, in-home washer and dryer units, walk-in closets with custom storages, and keyless entry systems. The residential units feature neutral palettes with light-filled living spaces and tailored interiors in a mix of sizes, bedrooms and heights.
Many new and potential residents are attracted by the project’s one-acre park and outdoor amenity space, according to W. Scott Dobbins, the CEO of Hankey Investment LP. This space is where they can work, lounge, watch a movie or barbecue. Alongside a pool and jacuzzis, there is a fitness studio with an outdoor yoga space, a pet park with an outdoor grooming station and a co-working space with a private Zoom room. Dobbins explained that this one-acre outdoor space has been a big plus.
Although the residential units at Kurve are 30% leased, Kurve also has faced a challenge to secure ground floor retail tenants. According to Jaime Lee, chief executive of Jamison’s leasing arm, it is taking 9 months to a year to have its new buildings almost fully leased, whereas it used to be around 3 to 5 months. Regarding this matter, Dobbins of Hankey Investment LP explained that they held off securing tenants for the ground floor retail spaces to focus on opening the residential units upstairs.
Furthermore, Jaime Lee and other key stakeholders of this business expect to see a strong recovery of multifamily in Koreatown LA, with Kurve taking the initiative- “We’ll see a good chunk of those people who left Los Angeles coming back and will see that tremendous surge in demand for multifamily housing as we were seeing consistently in the four years pre-pandemic,” she said.
Although the addition of Kurve to the Koreatown & DTLA certainly adds housing to the area, Kurve is a luxury high rise apartment complex catered to the emerging high income urban professional demographic of Los Angeles. Community members hoping to preserve affordable housing and access for low income families have long battled with Jamison Properties LP.
In 2018, Jamison Properties LP faced major backlash for trying to convert one of their real estate holding Liberty Park in front of the Radio Korea building on Wilshire in Koreatown LA into another luxury high rise. As an already public green space deprived neighborhood in Los Angeles, Koreatown continues to face the privatization of public amenities. With such an expansive portfolio of commercial and luxury residential properties, it seems that Jamison Properties LP is continuing its takeover of Koreatown LA through the addition of Kurve with no signs of stopping.
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