Atto on Hobart Opens Its Doors in Koreatown

City leaders, community partners, and project team members gathered on Thursday, Aug. 6, to celebrate the grand opening of Atto on Hobart—Koreatown’s first completed affordable housing development advanced through the City of Los Angeles’ Executive Directive 1 (ED 1).

Developed by Leo Lee of Atto Properties, the project received acquisition and construction financing from Century. The seven-story development brings 80 new affordable studio and one-bedroom apartments to the neighborhood, offering residents convenient access to transit, jobs, and other amenities.

Mayor Karen Bass launched ED 1 in December 2022 to accelerate affordable housing development across Los Angeles by streamlining the City’s approval process. At the opening, the mayor joined Lee, Board of Public Works President Steve Kang, Korean American Federation President Robert Ahn, Century Senior Vice President of Lending Josh Hamilton, and other partners to celebrate the milestone.

During the event, Josh described Atto on Hobart as a “proof of concept for how much we can achieve together,” pointing to the collaboration among developers, lenders, community partners, and the City that helped move the project forward.

The project’s name also carries special meaning for Leo. “Atto means ‘thanks’ or ‘gift’ in Korean. Century Housing is Atto to the City of L.A. and to my family,” he said.

Lee pointed to the importance of financing in moving projects from acquisition through construction and completion. “There are a lot of ED 1 projects that are entitled but haven’t launched,” he said. “I want other affordable housing developers to know there’s a great source. [Century is] easy to work with, friendly, and they’re all about community and affordability.”

Tracey Burns, Vice President of Construction Lending at Century, helped facilitate financing for Atto on Hobart. “Working with Leo has given us the opportunity to see his commitment to creating housing in Los Angeles firsthand,” Tracey said. “Atto on Hobart is an exciting milestone, and it’s rewarding to see these 80 homes completed and ready for residents.”

Learn more about Century’s financing solutions for developers.