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Months of rumors have finally been confirmed: Lafayette Park is getting a high-rise neighbor.

Yesterday, plans were submitted to the City of Los Angeles for the construction of a residential-retail complex at 2908 Wilshire Boulevard.  The mixed-use development would consist of a 31-story tower containing a maximum of 644 apartments and 13,200 square feet of ground-level commercial space.

As currently proposed, the project will require a site plan review and a Director's Decision to allow for a 10% reduction in total open space.  No zone changes or variances have been requested.

The high-rise development would rise from an approximately three-acre site bounded by Wilshire Boulevard, Hoover Street and Sunset Place.  The property is currently developed with two small commercial buildings and a surface parking lot.

Sources indicate that the tower is another joint venture between Jamison Services, Inc. and the Hankey Group.  The two companies have recently collaborated on a number of multifamily residential developments in Central Los Angeles.

Further details about the project are unclear at this point in time.

The proposed development is the latest market rate apartment tower to emerge on the eastern perimeter of Koreatown, following UDR, Inc.'s 3033 Wilshire Boulevard, which is currently under construction on the opposite side of the street.  A low-rise apartment complex is also underway on an adjacent property along Sunset Place.

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