Who Is Moving to Koreatown?

California Landmark Group recently purchased this property in Koreatown.

LOS ANGELES—It seems to have happened all of the sudden: Koreatown is flourishing, and it is attracting new demographics to the historically Korean—as the eponymous name indicates—market. Ken Kahan , president of California Landmark Group , which recently invested in the market , says that there is an interesting demographic shift of young people moving to the market for its culture and texture. “Koreatown has historically been a Korean community, but now we are seeing two demographic shifts,” Kahan tells GlobeSt.com. “We are seeing a younger and hip Korean clientele, and we are seeing a younger and hip white clientele, and I think that is because Koreatown is becoming more hip. The areas around the Line Hotel are really different and neat. It isn’t Hollywood, but it also isn’t Downtown. Tenants are looking at it as another alternative, and we are looking at it for that reason.” The Line Hotel, from visionary Roy Choi and Sydell Group, opened in January 2014, and has been somewhat of a catalyst for the market, which was previously a fractured series of shops and restaurants with no epicenter. “The Line Hotel has been a catalyst for the demographic shift,” explains Kahan. “The people were there, but there wasn’t a congregating area, and so prior to the Line Hotel opening, there were spotty places where you could go, but it wasn’t a large part of the overall community. Now, you are seeing this whole new market that is being created, and as a result, more and more people are coming. That is a big deal.” He says that millennials are moving to the market from all over Los Angeles: the Westside, Hollywood and Downtown. California Landmark Group is focused on following these demographic shifts and investing in burgeoning markets with plenty of upside and longevity, but the company is especially fond of the Koreatown market. “L.A. is becoming or is a world-class city, and people move around,” adds Kahan. “I actually think of L.A. as a series of neighborhoods. Koreatown is a true neighborhood, and it has really interesting character. The only way to experience it is to walk it and to eat in the cafes and go in the shops.”