JL Real Estate Development’s project at 631 S. Vermont (yet to be named) is a 33-story luxury tower which incorporates the latest in “smart” and “green” technologies. , The mixed-use project is a collection of an upscale hotel, residential condos, office, curated dining and retail. Located at the “gateway” of Koreatown, the project will serve as an economic engine in Council District 10 and the City as a whole, while providing local residents with exciting new amenities.
Koreatown is the most densely populated community in all of Los Angeles County and has seen tremendous growth in recent years with new bars, restaurants and housing developments opening all the time. However, Koreatown still suffers from a tremendous dearth of hotels and amenities for tourists and business travelers. The development at 631 S. Vermont Avenue addresses this issue head-on by providing a full-service, 200-room 4-star hotel with amenities including a pool, fitness center, guest lounge and private open space, which also helps the City meet its goal for additional hotel rooms in anticipation of tourism exceeding 50 million visitors by 2020. Such a concentration of high-class amenities will act as a regional magnet, drawing in Angelenos and others from local cities as well as domestic and international tourists. Additionally, with the City of Los Angeles in the midst of a housing affordability and homelessness crisis, the Vermont project will add 250 residences to the City’s housing stock, 22 of which will be reserved for very low-income residents. This will help to exert downward pressure on the cost of rent by increasing supply and will provide affordable housing to the City’s residents who need it most. Furthermore, the positive economic impact the project will have on the local and regional economies cannot be overstated. The project will create $349.4 million in total economic output and will generate significant sales and hotel tax dollars for the City. It will also create an estimated 2,400 jobs during construction and operations, and via induced demand. The project will place priority on local hiring and will utilize union labor during construction and operations.
As a testament to the company’s motto, “The Power of Community”, the project at 631 S. Vermont Avenue incorporates many features and amenities that will benefit those in the surrounding community, exemplifying our belief that luxury and community empowerment can go hand in hand.Once complete, the project will provide free Wi-Fi and communal workspace for local business owners, area residents and students. Additionally, by providing over 28,000 square feet of retail and restaurant space, residents in the local community will be able to shop at unique storefronts and dine at world-class restaurants in an area where such amenities are a rarity. The project’s impressive 28,000 square foot open space, incorporated into the hotel segment, is a nod to Los Angeles’ picture-perfect weather and stunning skyline views, and was designed with the intention of improving the quality of life of residents and guests alike.
Integral to the company’s philosophy of combining timelessness and originality is its commitment to using cutting-edge technology in every facet of the project. The Vermont project will implement a high-tech approach in order to provide a luxurious and convenient experience, while maintaining an environmentally-friendly focus and helping the City to meet its “green” goals. Internally, the building will seamlessly integrate smart technology in the building’s security, lighting, heating and cooling, and information management systems. These state-of-the-art systems will help save significant amounts of energy and water, and help to reduce greenhouse gas emissions and the effects of climate change. For example, a smart shower meter can save 440 kwh of energy and 8,500 liters of water every year while smart HVAC controls sense when someone has left the room and automatically adjusts the heat and air as appropriate. The development will also include a rooftop equipped with solar panels and stormwater recharge measures. Furthermore, the Vermont project is a transit-oriented project in every sense of the term. Located less than 100 feet from the bustling Wilshire/Vermont Metro station, visitors will have access to the Metro Red and Purple lines and will also be just steps away from numerous Metro bus lines. The project will incentivize Metro transit ridership, provide 344 bicycle spaces, and will ensure that 5% of parking spaces include charging stations for electric vehicles, all in order to support alternative and eco-friendly modes of transportation.
The 631 S. Vermont Ave. project is a state-of-the-art, 33-story tower that is set to redefine the Koreatown community, and the next destination for local residents and tourists from around the world. Slated for completion in 2023, the mixed-use project will incorporate over 16,000 square feet of office space that will serve as JL Real Estate Development’s new corporate headquarters.
Source: JL Real Estate Development
