The Palladium project, planned by developer Crescent Heights for a Sunset Boulevard parcel next to the Hollywood Palladium theater, has contended that its size will help to fill a demand for housing in Los Angeles.

The developer seeks to break ground as soon as possible, said Aaron Green, a Palladium Residences spokesman, adding, “Any litigation filed against this project is simply frivolous.”

The AIDS foundation has been waging the battle to halt the Palladium keystone through an offshoot activist group, the Coalition to Preserve L.A. That organization’s aim – to halt large-scale developments in areas not necessarily zoned for large structures – led to a proposed ballot measure called the Neighborhood Integrity Initiative. That measure would ban for up to two years any project that requires city approval to circumvent zoning rules. Originally planned for the November ballot, the initiative has recently been pushed back and may land on the March 2017 ballot.

Koreatown Heats Up

A Wilshire Boulevard apartment in Koreatown has switched hands for $73.5 million, jumping far beyond its $48 million price tag in 2010. Corona-based Watermarke Properties Inc. sold the site, Gardens at Wilshire Center, to Greystar Real Estate Partners of Charleston, S.C.

Elsewhere in Koreatown, new apartment buildings are shooting up.

The Pearl on Wilshire from Westwood developer CityView plans to open in 2018 with 346 apartments and 8,000 square feet of retail, centered between two light-rail stations on Wilshire.

Koreatown-based Jamison Services Inc. is building a 226-unit project on Olympic Boulevard that will offer 16,300 square feet of retail. It is slated to open early next year.

Affordable housing has a place in Koreatown’s growth, too: Meridian Apartments, slated for completion late next year, will bring 100 affordable housing units near the subway station at Beverly and Vermont.

Staff reporter Daina Beth Solomon can be reached at dsolomon@labusinessjournal.com or (323) 549-5225, ext. 263.

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