A $300 million residential building has broken ground in Koreatown. The 25-story tower is being developed by mid-Wilshire-based Hankey Investment Company and Koreatown-based Jamison Properties.

The project is located at 2900 Wilshire Blvd.

“As the Los Angeles housing market continues to be impacted, additional rental units will help provide much needed homes in a very desirable location,” said W. Scott Dobbins, president of Hankey Investment Company, in a statement. “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 apartment complex will have 644 residences ranging from studio to two story penthouse options. The units will range from $2,000 to $10,000 a month. The building will also have a rooftop park, clubhouse, pool and business center. There will also be 15,000 square feet of ground level retail.

The project is expected to be completed in early 2021. It is being designed by Pico-Robertson-based Large Architecture and downtown-based Diana Wong Architecture + Interior Design.

Commercial real estate reporter Hannah Madans can be reached at [email protected]. Follow her on Twitter @HannahMadans