(Save the dates: RealShare Apartments East comes to the Hyatt Regency in Miami, FL, on February 26, 2013, and RealShare Los Angeles comes to the Hyatt Regency Century Plaza in Los Angeles, CA, on March 27, 2013.)
VENICE, CA-As GlobeSt.com reported exclusively earlier today, locally based commercial builder Bernards has begun a $140-million redevelopment of Lincoln Place apartments here, a 1950s-era complex owned by Denver-based owner/investor Aimco. The redevelopment is being funded by a $190.7-million FHA-insured loan from lender and servicer Red Mortgage Capital LLC and represents the largest FHA Section 221(d)(4) unsubsidized loan ever insured by the US Department of Housing and Urban Development.
“This is a unique, historic apartment complex that exemplifies the mid-20th Century, California lifestyle and our construction team will take special care to preserve the property's architectural integrity and historic character,” said Dave Cavecche, Bernards' VP, in a prepared statement.
New amenities include a resort-style pool with cabanas, underwater music and fire pit; a rooftop social deck with space for entertaining; a two-story fitness center with the latest high-tech cardio equipment; an outdoor workout space and a separate aerobics and cycling studio; an Internet café; and a centralized, green, open space for community gatherings with benches, BBQ grills and picnic tables.
In addition, all apartment homes at Lincoln Place will have wood flooring, a private entrance and deck or patio, washer/dryer and quartz countertops. Some homes will feature stainless-steel GE appliances, dark-walnut cabinets and new fixtures. In addition to new amenities and interiors, the complex wills include eco-friendly features including energy-efficient lighting and appliances, low-flow showerheads, energy-conserving roofing systems and high-efficiency water heaters. Landscaping will include 200 new trees and focus on regional plants and an irrigation system designed to conserve water.
Located at 1077 Elkgrove Ave., the complex is in close proximity to Abbot Kinney Blvd., a popular destination with cafes, restaurants, art galleries and antique shops, and within walking or biking distance of the Google campus and Venice Beach. The project is expected to create between 600 and 800 jobs.
The property was built between 1949 and 1951 and is listed on the National and California Registers of Historic Places. It was designed by noted Los Angeles architects Heth Wharton and Ralph A. Vaughn and developed by Gerald Bialac, a devoted modernist and highly regarded 20th-Century artist.
“It was our intention to build the finest and largest FHA-insured project in the country using the highest building standards, the best site plan and creating eminently livable spaces in an aesthetically beautiful environment,” said Bialac at the time.
The complex, which consists of 45 buildings with 696 existing units, will be restored and modernized under Guidelines for Preserving, Rehabilitation, Restoring and Reconstructing Historic Buildings, in accordance with the Secretary of Interior's Standards for the Treatment of Historic Properties. The project involves substantial renovation of apartment buildings, including remediation/abatement of environmental issues common to older buildings, and the addition of 99 new apartment units constructed on three vacant lots, a new 5,000-square-foot leasing center and clubhouse and array of amenities.
As GlobeSt.com reported earlier this month, Bernards is implementing the $46-million El Encanto restoration and rebuild project. The five-star, Santa Barbara resort hotel is owned and operated by Orient–Express Hotels Ltd.
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Carrie Rossenfeld
Carrie Rossenfeld is a reporter for the San Diego and Orange County markets on GlobeSt.com and a contributor to Real Estate Forum. She was a trade-magazine and newsletter editor in New York City before moving to Southern California to become a freelance writer and editor for magazines, books and websites. Rossenfeld has written extensively on topics including commercial real estate, running a medical practice, intellectual-property licensing and giftware. She has edited books about profiting from real estate and has ghostwritten a book about starting a home-based business.
