Los Angeles, California
Market: Los Angeles
Type: Mixed-Use
Role: Development Partner
Status: Development completed in 2007
Transit village built directly above an underground-rail station along Wilshire Boulevard, approximately three miles west of downtown Los Angeles.
449 rental apartments
36,500 square feet of retail space
48,700 people/square mile
49% of metro area median household income
Invested in the development project through a venture with Urban Partners.
Redevelopment of a minimally improved site at the corner of Wilshire Boulevard and Vermont Avenue owned by the Los Angeles Metropolitan Transportation Authority (“MTA”) that, prior to construction, featured a bus plaza and subway portal.
The site is subject to a long-term ground lease from MTA, which operates the Wilshire/Vermont Metro Red Line station directly underneath the property.
Consists of two connected seven-story residential buildings with ground-floor retail space and a subterranean parking garage that are configured around a central, street-level public plaza.
The public plaza features an 8,200-square-foot mural (“Hand Holding a Bowl of Rice”) hand-painted by artist April Greiman that is visible from Wilshire Boulevard.
Construction was partially financed through proceeds from the sale of tax-exempt bonds; 20% of the units are designated for low- and moderate-income residents.
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