Hill St. Project in Underserved Market Could be Catalyst for Chinatown Renaissance

A crucial development site at 717-759 North Hill St. is located within the DTLA 2040 Community Plan update area, promising future development opportunities in one of Los Angeles’s most historic districts. The North Hill St. asset consists of approximately 82,120 square feet of land located within the rapidly expanding Chinatown market.

The 1.89-acre property was recently sold for an undisclosed price to TRJLA LLC, a privately held real estate development company. The seller was PAMC Ltd.

The property is currently zoned C2-2D Regional Commercial and Transit Oriented Community Tier 3, a key designation for sites within a half mile of a transit station. 717-759 North Hill St. is near the Metro Gold Line’s Chinatown Station.

“This is a lifetime opportunity to contribute to Chinatown’s revitalization and improve the Hill Street corridor,” says Kevin Chen, TRJLA CEO. “We are evaluating development options, which we trust will improve the quality of Chinatown’s physical environment and add to Los Angeles’ character as a diverse, sustainable and global destination.”

Centre Urban Real Estate Services’ Eugene F. Page and Martin M. Q. Nguyen served as advisers to the seller. Centre Urban managed a formal Request for Proposal process that produced a competitive number of qualified offers despite the economic uncertainty caused by the onset of the COVID-19 pandemic during the process.

“Centre Urban recognized the potential for this site to serve as a catalyst in Chinatown and is confident we found a buyer who also understands the value and the opportunity this crucial development site represents for one of Los Angeles’ most historic districts,” said Page. “Getting a deal of this size across the finish line was remarkable given the health pandemic restrictions that prevented us from meeting the buyer in-person.”

This sale is the most significant development land transaction in Downtown Los Angeles since the COVID-19 pandemic started in March 2020, says Nguyen.

“Chinatown has faced many challenges in the past year, and the opportunity is now there for this high-profile development site to further Chinatown’s burgeoning renaissance,” says Nguyen. “The buyer understood the site represents an opportunity to transform an overlooked site in an underserved market into a project that truly serves the community.”

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