Then Covid-19 hit.
“I bought this project because I was really a believer in the subway. I’m from New York initially, and I think from a standpoint of the best location. I think this is the heart and the trophy of the street,” he added.
Hashem bought the site at 3500 Wilshire Blvd. in 2012. It’s located next to the Wilshire/Normandie Metro stop in the heart of Koreatown.
He renovated the existing property and created a fast-casual food hall called Platform 35 Market Hall on the second level.
“The project … has been closed as a result of Covid. I really tricked out the place and spent a ton of money. I never had the intention of selling. I purchased it before Covid happened,” Hashem said.
CBRE Group Inc. and Cushman & Wakefield have the listing.
The center is primed for redevelopment, according to Hashem, who added that it was “perhaps the most valuable development” opportunity in Koreatown.
“It’s a pretty exciting place from a development standpoint, no question. (It’s) very, very active,” he said.
Hashem worked with architects to see what could be done with the site and determined it could accommodate up to 330 residential units.
“It’s based on a modular build and might be the first modular building in K-town if someone goes through with that type of structure,” he said.
Hashem said he is not a residential developer, hence the decision to shop the property rather than develop it himself.
He added that he was seeing a lot of interest in the site, but at this point he doesn’t know who the buyer will be or the purchase price.
“It’s an amazing project and opportunity for a future person who can take it to the next level,” he said. “It’s attracting very large companies. Prolific developers are looking.”
Hashem said he is also open to a ground lease and has received some inquiries about a joint venture redevelopment.
Beyond this project, Hashem said he is interested in other opportunities and is looking at office, medical and senior housing.
“I’m not a volume guy, I’m more of a generational-type buyer, and I have a long time horizon every time I buy something,” he said.
For reprint and licensing requests for this article, CLICK HERE.