WHY IT WORKED: The Mercury is the only luxury high-rise in Koreatown, a hot part of downtown Los Angeles that’s just minutes from Hollywood, Beverly Hills, and Santa Monica. It’s been a huge hit with both Koreans and Korean-Americans.
Just days before the building’s May 2006 open house, the South Korean government raised the ceiling on investing in U.S. residential property from $300,000 to $1 million. Eighty-five percent of buyers at that open house were Korean or Korean-American. The Mercury, an adaptive reuse project, gets its mid-century modern feel from the Getty Oil Co. building, which was erected in 1963. The one- and two-bedroom units boast bamboo floors, high ceilings, granite countertops, and stainless steel appliances.
The building’s rooftop amenities center, named “23” (it’s on the 23rd floor), includes a fitness center, a swimming pool, a fire pit, and some of the best views in all of Los Angeles. Located at the corner of Wilshire and Western, The Mercury is just steps away from the Metro Red Line. PROJECT CREDITS Project: The Mercury, Los Angeles; Sales started: June 2006; Sales through October 2006: 70; Units planned: 238; Price: $375,000 to $3 million; Unit size: 700 to 3,000 square feet; Builder: Taisei Construction, Cypress, Calif.; Developer: Forest City Residential West, Los Angeles; Architect: Thomas P. Cox Architects, Los Angeles; Land planner: Psomas, Los Angeles; Interior designer: Garrett Interiors, Westlake, Calif.
Learn more about markets featured in this article: Los Angeles, CA.
