Overall Management from Land Acquisition to Implementation, Construction, and Leasing
Development of up to 8 Floors, 252 Households
"Following K-Pop, We Will Promote the Excellence of K-Residential Culture"
Bando Construction, which entered the U.S. housing market in 2020, has become the first domestic construction company to complete a residential-commercial complex apartment.
On the 21st, Bando Construction announced that it had completed its self-developed residential-commercial complex apartment, 'The BORA 3170,' in Koreatown, Los Angeles. This is the first time a Korean construction company has overseen the entire process from land acquisition to development, construction, and leasing in LA. Most domestic construction companies have entered the U.S. market through partial equity participation or building purchases.
The BORA 3170 consists of 252 units across a maximum of 8 floors. Unlike the domestic market, where high-rise residential-commercial complexes with over 1,000 units are common, this type of housing is rare in the U.S., where most homes are single-family houses. In the U.S., multi-family housing is often developed on a small scale, typically with 30 to fewer than 100 units.
The construction period lasted 39 months, from January 2020 to March this year. The total project cost was approximately $120 million (about 157 billion KRW).
To prepare for the notoriously complex permitting and administrative procedures in the U.S. construction market, Bando Construction formed a specialized overseas business task force team based on a local-tailored strategy two years before the project started. They carefully analyzed and managed local building codes, permits, and technical risks related to the LA housing market, and minimized financial risks by sourcing funding locally.
Bando Construction plans to operate all units as rentals. Annual revenue is expected to be around $8 million (approximately 10.46 billion KRW).
A Bando Construction official stated, "Through The BORA 3170, we aimed to demonstrate the excellence of K-residential culture and construction technology by applying the customer-centered specialized design and technology of ‘YUBORA,’ which has been verified domestically." He added, "It is recognized as a premium luxury apartment representing LA and is expected to lead the K-residential culture trend."
A local real estate official in LA said, "With the global Korean Wave in full swing, rumors about a Korean-style apartment built directly by a verified Korean construction company in LA Koreatown are gaining strong interest among young local demand groups." He continued, "By introducing K-residential culture, including Korean branding, space efficiency, and community specialization, into the local housing culture, it offers a differentiated space from existing local apartment styles, and we expect steady rental demand from American residents."
Bando Construction plans to maintain the ‘The BORA’ brand in subsequent projects to strengthen its brand presence in the U.S. market. They are preparing to launch a 153-unit condominium project and a 262-unit residential-commercial apartment rental project, both targeted for construction start this year, and are scouting for additional sites. A Bando Construction official said, "Including the sites currently being scouted, a large complex with 1,000 units under The BORA brand will be developed in LA," adding, "With major development opportunities such as the 2026 North American World Cup and the 2028 LA Olympics, the outlook for the second and third projects is bright."
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