Financial Analysis – Korean American National Museum

As home to the largest Korean community outside of Korea, the Korean American identity is closely tied to the history of Los Angeles, especially in the development of Koreatown. The first Korean immigrants settled in the region as early as 1904. Today, over 108,000 Korean Americans reside in Los Angeles. The Korean American National Museum (KANM) is a mixed-use facility that will serve as the very first contemporary/present day museum to showcase Korean American Culture in the USA. Located at its new home in the Koreatown neighborhood of Los Angeles, KANM will include a dual purpose structure of 26,000+ square feet devoted to housing the Museum’s gallery & event spaces and 57,000+ square feet of multi-family residential units.

 

KANM was recently in the final stages of entitling its Koreatown property for the development of approximately 170,000 square feet of mixed-use space. KANM entrusted Tierra West to complete a comprehensive financial assessment of its upcoming mixed-use museum/residential development project, assessing the financial feasibility of the project and highlighting its community economic benefit to all stakeholders & community members. The Tierra West team also provided lease term recommendations for the KANM to remain financially successful well into its future, and to ensure that it is able to further its mission to preserve the history, experiences, culture, and achievements of Korean Americans.