LOS ANGELES-The Vermont, a massive mid-Wilshire mixed-use twin towers project, reaches a new milestone this week, as the highest levels will begin construction. The Vermont is a LEED-certified mix of residential, retail and recreational uses. Features include two high-rise towers surrounding a quarter-acre central courtyard, approximately 34,000 square feet for ground floor retailers, and public underground parking.
The buildings, one of the largest construction projects in the city in recent years, are expected to be finished next year after breaking ground in 2012. The project cost is estimated at $200 million. The 464-unit high-rise apartment complex is located at the southeast corner of Wilshire Blvd. and Vermont Ave., a formerly vacant lot in the Koreatown area of the city.
The project came through despite the headwinds of the Great Recession, backed by Washington Capital Management, JP Morgan and Bentall Kennedy. Officials from project developer J.H. Snyder Co. will join with lead equity investor Washington Capital, the Building Trades Association and 300 construction workers for a topping out ceremony on Thursday. The event will take place in the newly constructed sky lobby, which connects the two towers.
Jerome Snyder, founder and partner in J.H. Snyder, tells GlobeSt.com that the property is transit-oriented, sitting across from a subway stop and near bus routes. “The rental market is very strong,” says Snyder. “Gen Y doesn't want houses. They want a nice home and a concierge and the ability to go out on the town and have a good time. That's the thrust of our market.”
It is anticipated that residents will have exclusive access to a full-service concierge, shared lounge-style workspace, a pool, and a high-end gym. Snyder says the retail component already has deals with Chase Bank, Starbucks and “four or five other tenants.” The parking structure will have six levels.
As to the Koreatown location, Snyder anticipates “many Korean-Americans will rent our places,” although the project targets the general marketplace. As part of the project build-out, J.H. Snyder 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. The Vermont will also feature 77 non-reserved public parking spaces in the garage as well as 12,000 square feet of public open space along Wilshire Blvd.
As previously reported by GlobeSt.com, the rapidly-gentrifying Koreatown is experiencing a huge growth wave from those priced out of nearby Los Feliz and West Hollywood. The area's walkable environment and many retailers are enticing to younger tenants seeking affordable options.
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