FREQUENTLY ASKED QUESTIONS
Where is the project located?
The 631 S. Vermont Ave. project is located on the west side of Vermont Avenue approximately 130-feet north of Wilshire Boulevard. The project site is surrounded by a City of Los Angeles surface parking lot to the north, Vermont Avenue to the east and alleys to the south and west. It is located 100-feet from the Metro Red and Purple Line’s Wilshire/Vermont station.
What is currently on the project site?
A used car lot and sales office, a Denny’s restaurant and restaurant surface parking are currently on the underutilized project site.
What’s included in the project?
The project proposes to remove the used car lot/sales office and the Denny’s restaurant and surface lots, to construct a 33-story, mixed-use building that includes 250 condominiums, 18 of which will be reserved for very-low income tenants, a 200-room hotel, almost 50,000 square-feet of office space and approximately 21,000-feet of neighborhood-serving retail.
Is the project freeway accessible?
The project is accessible to three of Los Angeles freeways. The Santa Monica Freeway is 1.75 miles to the south; the Harbor Freeway is approximately two miles to the east; and the Hollywood Freeway is approximately one mile north.
Is the project accessible to rail and bus lines?
The project, located in a designated Transit Priority Area, encourages residents, employees, visitors and guests to use public transportation. The project is approximately 100-feet from one of Los Angeles’ most heavily trafficked transit stations, the Metro Rail Wilshire/Vermont station, and is adjacent to Metro’s two busiest rail lines (Red and Purple), as well as regional and community bus lines on Wilshire Blvd. and Vermont Ave.
What does the project do to alleviate parking shortages?
The project includes parking on two basement levels for condominium residents, retail parking on the second floor, and hotel and office building parking on floors three to six. The project will create 545 total parking spaces.
How would cars access the project?
The project will replace two existing driveways on Vermont Ave. with two new driveways better positioned to facilitate movement to and from the project. The southern driveway (nearest Wilshire Blvd.) would serve as a hotel and office entrance, and would connect to basement parking levels. The northern driveway (nearest to Sixth Street) would serve the project’s residential, commercial and office uses, and would connect to parking levels 3 through 6.
How many jobs will the 631 S. Vermont Ave. project create?
The project will create 2,801 total jobs (direct on-site plus “multiplier effect”), of which 600 full-time and part-time construction jobs will be located on-site. When the project is built out and fully operational, the project site will create 343 total jobs (direct on-site plus “multiplier effect”), of which 220 full-time and part-time operations jobs will be on-site.
What is the project’s overall economic impact?
The 631 S. Vermont project will provide much-needed residential housing, a modern 200-room hotel, and neighborhood-serving retail to the Koreatown community. The project will generate approximately 2,801 full-time and part-time construction jobs and approximately $98.9 million will be paid to on-site workers. The project will create $349.4 million in total economic output, including $305.4 million associated with project construction.
When the 631 S. Vermont Ave. project is built and operational, it will create 220 full-time and part-time jobs, of which $110 million will be paid to on-site workers in the project’s hotel and retail components.
What approvals does the project need from the city of Los Angeles?
The project is utilizing the existing zoning and needs typical entitlements such as site plan review, tract map and conditional use permits for the hotel to fully enhance this under-utilized location. In addition, the entitlements include a density bonus request, which will lead to providing 18 units for very low income households.
Who is Jia Long USA?
Jia Long USA’s parent company, Jia Long China, is well-established in the fast-moving Chinese real estate market and has a reputation for completing large, upscale mixed use projects in Beijing, Shenzhen and Hainan provinces. In 2014, Jia Long expanded its operations to the United States because of America’s vast economic opportunities and Los Angeles’ unique position as a global city driven by international trade, technology, fashion and tourism. When the project is complete, Jia Long USA will move its downtown Los Angeles headquarters to 631 S. Vermont Ave. The company purposefully selected this site as its U.S. headquarters because Jia Long believes that the Koreatown represents the future epicenter of 21st Century Los Angeles.