Condominium buy in Jefferson California

521-525 S. Carondelet St. is a vacant rectangular 2-lot development site located in the Mid-Wilshire/Lafayette Park area on the eastern edge of Koreatown. Zoning designation is LAR4-1 with a Tier 3 TOC status for increased density, FAR and reduced parking. The immediate area is one of the most investment rich locations in all of Los Angeles with new developments like the 644-unit Kurve on Wilshire (completed by Greystar in 2021) and historic trophy apartments like the Wilshire Royale, the Asbury, the Bryson and The Town House dotting the skyline. The iconic Art Deco Bullocks Wilshire historic-cultural monument is just a few blocks away from 521 S. Carondelet, purchased and repurposed by Southwestern Law School in 1994. CoStar estimates that the current vacancy rate in Koreatown is 4.4% despite nearly 2500 units delivered via new construction over the past 24 months. The area is still relatively affordable compared to the surrounding submarkets of Hollywood, Hancock Park and Silver Lake, yet also recovered quickly after the pandemic as rents have been rising since early 2021. Mid-Wilshire is one of the most walkable areas in the city and is home to some of LA's coolest dining and nightlife. MLS® ID: 22180259 Listed: 7/17/22 Updated: 10/22/22