Los Angeles City Council has approved an apartment tower proposed at 550 Shatto Place in Koreatown.
The developers already received approvals for a 32 story project in late 2019 but submitted the current, expanded plan. Titled “The Terrace Block,” the project proposal includes the development of a 40-story residential, office, and retail space at the intersection of 6th Street and Shatto Place. It would replace a 27,843 square foot office building, small school building, and storage building. Adjacent to the new project site is New Covenant Academy, a college-preparatory Christian private school.
Canadian real estate firms Townline and Forme Development are the project developers. Gensler, the design firm responsible for Banc of California Stadium, Ritz-Carlton at L.A. Live, and 2000 Avenue of the Stars, will design and consult the new project.
The Terrace Block would include 367 studio, one, two, and three-bedroom apartments, including 42 units reserved for low-income households. At 483 feet in height, The Terrace Block would rank among the tallest buildings in Koreatown. The project is expected to break ground in July 2022. Completion of the project is scheduled for Fall 2025.
Check out photos of renderings below.