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The J.H Snyder Company, a development firm based in the Miracle Mile area, is planning to build two residential towers on a vacant lot at the corner of Wilshire Boulevard and Vermont Avenue.
The project is designed to revitalize that portion of Wilshire Boulevard in the Wilshire Center/Koreatown area and infuse it with new residential space, retail outlets and a new public park. The company plans to begin work on the project as soon as this summer, and hopes to complete it by 2013.
According to Kacy Keys, vice president and general counsel for the J.H Snyder Company, the project previously received entitlements in 2006, but had been delayed for a few years because a previous owner ran into financial problems. Because the project has already received entitlements, the developer can begin building right away. J.H. Snyder has reached an agreement with the financing company, Washington Capital Management, to partner in the development of the two-acre property.
“It’s going to bring a lot of investment to the area. It will create 270 permanent jobs, and approximately 2,000 construction jobs,” Keys said. “It’s also going to bring 12,000 square feet of open space to Wilshire Boulevard. It’s going to be a LEED-certified silver building, and will provide public parking as well.”
The project will include 464 apartments in two towers that are 25 and 30 stories tall, respectively. The towers will also feature ground-floor retail spaces that will include a grocer, bank, restaurants, a dry cleaners and a coffee house. The towers will be situated around a quarter-acre courtyard that will also serve as a park.
“This is a significant investment that will transform a two-acre dirt lot into a vibrant mixed-use community in the heart of one of L.A.’s most energetic and growing neighborhoods,” said Michael Wise, senior partner in the J.H. Snyder Company. “We have a great partner in Washington Capital, and are thrilled to work with them to move a significant, job creating project forward at a time when new construction activity of this scale is rare.”
The project will be located across the street from the Wilshire/Vermont Metro Station, as well a several bus lines, giving future residents opportunities for public transportation. Price ranges for the one and two-bedroom units are expected to be between $1,800 to $3,000 per month. The project is located within the 10th City Council District, which is represented by Councilmember Herb Wesson.
“I am confident in J.H. Snyder’s plans for this property and I believe the project will serve as a catalyst for further revitalization in the Mid-Wilshire district,” Wesson said. “The Vermont project is expected to deliver up to 2,000 union construction jobs, which is fantastic news.”
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