Portfolio

Wilshire Vermont Station

Los Angeles, California


Market: Los Angeles

Type: Mixed-Use, Multifamily, Retail

Role: Developer, Development Partner

Status: Completed in 2007; Exited in 2009

Transit village built directly above an underground-rail station along Wilshire Boulevard, approximately three miles west of downtown Los Angeles.

Property Size

  • 449 rental apartments
  • 36,500 square feet of retail space

Local Population Density

  • 43,600 people/square mile

Highlights

  • 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.

Related Websites

 

Walk Score:  96     |    Transit Score:  83     |     Bike Score:  63