“There is a strong and growing need for high-quality apartment homes and retail in the Mid-Wilshire area, and we hope to be able to meet some of that pent-up demand with the Vermont,” says Michael Wise, senior partner at Snyder. “The project has been a long time coming, so we are excited to be moving to the next stage in the development process and to be that much closer to injecting new life into this already vibrant community.”

Washington Capital Management is the lead equity investor in the project, and Snyder 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.

“Given the economic challenges of the past several years, we are thrilled to begin construction on a mixed-use community of this scale and quality,” says Jerry Snyder, senior partner at Snyder. “This is a significant investment that will transform the long-vacant two-acre dirt lot into the new heart of one of L.A.’s most energetic neighborhoods. It feels great to move a significant job-creating project forward at a time when new construction activity of this scale is rare.”

When complete, the LEED-certified project will be composed of a mix of residential, retail and recreational uses, and residents of the Vermont will also have access to a full-service concierge, shared lounge-style workspace, a pool, high-end gum and spa exclusively for their use. When the approval was given, the Council and Committee praised the project team’s outstanding effort to incorporate the local community into the planning process and deliver a generous community-benefits package.

A spokesperson from Snyder tells GlobeSt.com that construction costs have stayed relatively consistent since the project was first announced, and that there has only been a $7 million variance. The spokesperson also said that the dissolution of redevelopment agencies in California, on which GlobeSt.com previously reported, has affected the project in terms of timing delays and uncertainty, but Snyder has been able to move forward successfully with the Vermont and keep the project on track despite the recent issues with CRA.

“We are excited to see the Vermont move forward, especially in light of the difficult lending environment we face today,” says Kacy Keys, SVP and general counsel at Snyder. “It took a very complex financial structure, the ongoing support of Councilman Herb Wesson and the backing of our great partners Washington Capital Management, JP Morgan and Bentall Kennedy to make the Vermont a reality.”