A panoramic exterior view of 2900 Wilshire and surrounding area. Credit: Business Wire.

Hankey Investment Company and Jamison Properties have announced that construction has started on the new $300m high-rise residential tower in Koreatown, Los Angeles, US.

The 25-storey tower will rise at the corner of 2900 Wilshire Boulevard and Hoover Street, east of the recently completed 3033 Wilshire apartment tower.

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The project has been designed by Large Architecture and Dianna Wong Architecture + Interior Design.

A joint venture construction team comprising AECOM and Wilshire Construction is also involved in the project, which is situated a few blocks east of Los Angeles Metro’s Red Line stop at Vermont Avenue and Wilshire Boulevard.

“As the Los Angeles housing market continues to be impacted, additional rental units will help provide much-needed homes in a very desirable location.”

The building has been designed with a unique floor shape that avoids casting shade on the two parks that flank the project.

Hankey Investment Company president Scott Dobbins said: “As the Los Angeles housing market continues to be impacted, additional rental units will help provide much-needed homes in a very desirable location.

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“As Koreatown’s housing market continues to flourish, 2900 Wilshire provides a golden opportunity to revive an otherwise long-time vacant site, bringing much-needed housing to the community.”

The building features a curved structure that will contain 644 residences and contains units that wrap around the project’s 1,000-parking space podium.

The podium will comprise a one-acre rooftop park amenity deck that provides resort-style living, including separate buildings for gym and clubhouse, along with a pool, spa, business centre, private open-air dining areas, BBQs, firepits, a dog park, a zen garden and a viewing deck.

The project will also include 15,000ft² of prime retail on the ground floor.

Last year, Hankey Investment Company and Jamison Properties completed a $500m luxury mixed-use complex project called CIRCA in downtown Los Angeles.