Koreatown Infill Project Replaced by 101-Unit Affordable Development

Demolition of two 1920s single-family homes has cleared the path for a new affordable multifamily development at 708-712 South Gramercy Drive in Koreatown, Los Angeles. Led by developer Saman Kerendian, the project entails constructing a seven-story contemporary podium building that will deliver 101 studio and one-bedroom apartments alongside a 17-vehicle parking garage.

Designed by architect Sam Ghanouni, the development originally entered planning in 2023 as a 55-unit, predominantly market-rate building. In 2024, the development team altered the strategy to pursue a 100 percent affordable model, reserving all residences for low- and moderate-income tenants. This transition allowed the project to tap into municipal streamlining procedures and state density bonus incentives, substantially exceeding base zoning allowances.

The same development team is pursuing a comparable transition nearby at 962 South Kingsley Drive, converting another planned market-rate infill site into income-restricted housing.

For real estate developers, this pivot illustrates how leveraging density bonuses and affordable housing entitlements can significantly unlock building envelope capacity and accelerate approval timelines in dense urban submarkets.