A 464-unit high-rise apartment complex, Los Angeles’ largest residential development project since 2008, broke ground this week in the mid-Wilshire district near Koreatown.
The $200-million The Vermont project is being built by local developer J.H. Snyder Development Co. The architect is Jerde Partnership and the general contractor is J.H. Snyder Contracting Inc.
Washington Capital Management, which manages investments for union pension funds in Washington State, is the lead equity investor in the project. Snyder, a regional residential and retail builder, also infused equity into the project. At the end of 2011, JP Morgan closed on a construction loan and Bentall Kennedy closed on a mezzanine loan, clearing the way for the development team to break ground on the project, the developer says.
When complete in 2014, the LEED-certified project will be comprised of a mix of residential, retail and recreational uses. Features will include two high-rise towers surrounding a quarter-acre central courtyard; approximately 40,000 sq ft for ground floor retailers including restaurants, a grocer, bank, dry cleaner and coffee house; as well as public underground parking. Residents of The Vermont will also have access to a full-service concierge, shared lounge-style workspace, a pool, high-end gym and spa exclusively for their use.
Snyder says the investment is expected to create more than 1,800 union construction jobs. As part of the project build-out, J.H. Snyder Co. will make a $1 million contribution to help fund a community center in the area and contribute efforts towards the creation of 96 affordable housing units elsewhere in Koreatown. The firm has partnered with Korean Churches for Community Development and AMCAL housing to begin identifying sites for affordable housing.
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