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After a decade of failed attempts, one of Koreatown's most prized development sites will finally birth a residential-retail complex.

Permit applications from the Los Angeles Department of Building and Safety indicate that construction is about to commence for 3670 Wilshire Boulevard, a proposed seven-story development that will feature 377 apartments and approximately 8,500 square feet of ground-floor retail space.

The property, which spans Hobart Boulevard between Wilshire and 7th Street, has been the site of multiple failed high-rise developments since 2005.  After a proposed 40-story building from Shin Young America was scuttled by the global recession, the land was purchased by the Hankey Investment Group in 2011.

Following an unsuccessful attempt by Koreatown residents to convert the southern half of the lot into a public park, Hankey's plans for the current seven-story complex were unveiled in 2014.

However, it is unclear if the design from VTBS Architects presented in city records still represent the current plan for the development.

As of this past weekend, construction fencing encircles the property and earth movers have started the early stages of site preparation.

A similar project is also underway one block east at the intersection of Wilshire and Harvard Boulevards.