LOS ANGELES, CA - CityView, a premier investment management and development firm focused on urban multifamily real estate in the Western United States, held a naming ceremony for its new apartment community located in Los Angeles’ Koreatown neighborhood. The ceremony for The Pearl on Wilshire featured speeches by Herb J. Wesson, Jr., Los Angeles City Council president; Lawrence Han, president of the Korean American Chamber of Commerce of Los Angeles; and Sean Burton, chief executive officer of CityView.
“Los Angeles is facing a housing shortage, so apartment communities such as The Pearl on Wilshire are an important step in helping us reach Mayor Eric Garcetti’s goal of creating 100,000 new housing units by 2021,” said Burton. “This urban infill project is now underway thanks to the Los Angeles city officials who helped entitle the land and cleared the way for much needed housing.”
The Pearl on Wilshire is located at 687 S. Hobart Blvd., at the corner of Wilshire Boulevard. CityView is developing the project. Hankey Investment Company, a real estate investment firm with a 30-year track record of investing in Southern California, is investing alongside CityView.
When completed in the first quarter of 2018, The Pearl on Wilshire is expected to feature 346 residential apartments and 8,000 square feet of ground-floor retail space along Wilshire Boulevard. Planned amenities include private courtyards with outdoor grills and fire pits, a pool and spa, club room, business center, a dog wash, a fitness center with yoga room, and a rooftop deck. In keeping with CityView’s focus on transit-oriented development, the complex is walking distance to two major metro stations along Wilshire Boulevard, giving residents access to jobs and entertainment located in Hollywood and downtown Los Angeles.
“We must continue building housing to keep pace with demand and provide options for our current and future residents,” said Wesson. “I welcome this project to Koreatown, which is increasingly becoming one of the most sought after and diverse neighborhoods in the city.”
“Koreatown's vibrant community has experienced accelerated growth and expansion in recent years,” Han said today during his speech. “The timing and need for housing is right, and we are fortunate to have this opportunity to provide future Koreatown residents housing, which becomes a catalyst for local businesses, and current and future community engagement.”
Construction for The Pearl on Wilshire is being led by CBG Building Company. The building was designed by Van Tilburg, Banvard & Soderbergh (VTBS Architects) of Santa Monica, Calif.