SAG-AFTRA Plaza Gets New Residences

J.H. Snyder Co. is giving its SAG-AFTRA Plaza in Miracle Mile a new look—but the renowned Los Angeles developer isn’t adding an office tower, as expected. Instead, Snyder says that the pent-up demand for housing in the resurgent market made a luxury apartment tower the best fit. The developer has broken ground on the Residences at Wilshire Curson, a 28-story residential tower with 285 units and a full suite of amenities, including a pool, Jacuzzi, sun lounge, bar and seating areas.

“We have owned this property since 1978, and we always wanted to build on the back of the property,” Jerry Snyder, founder and senior partner at J.H. Snyder Co., tells GlobeSt.com. “We designed the building four years ago as an office building, but then I converted it to residential. Of course, the market for apartments is so strong, and Miracle Mile as had a resurgence. This area has had a resurgence and has seen a lot of apartments come in, like the Grove. Plus, the Academy of Motion Pictures is going to open next year. We are very excited about the area and this project.”

The Residences at Wilshire Curson will cost $207 million, and Snyder has already secured a $117 million loan for the project. The remainder of the project will be self funded. Snyder expects to do very well on the apartment project, as a result, with rents ranging from $2,500 to $7,000 a month, depending on the floor. “We think that we will do very well with this project,” adds Snyder. “We plan to have the swimming pool on the roof and all of the amenities that you put in apartments nowadays.”

The project will take the place of a surface parking lot, but Snyder will replace it with an additional surface parking lot and will add 400 spaces for the apartment buildings. Additionally, he will renovate the common areas at the site will as well as redesign landscaping and water features and add al fresco seating. In addition to the ample parking, the building is walking distance to the Purple Metro Line, which will open in 2023.

Miracle Mile is a Los Angeles submarket that Snyder knows well. “This market, I own the Ralphs down the street and an Office Depot, along with this building,” Snyder explains. His experience in the market helped to garner tremendous community support. “We had no opposition to this project. I work very closely with the community, and we have a good reputation,” he adds. “We have been part of the neighborhood since 1970, and I have gotten close to the neighbors. We are part of the community.”