LOS ANGELES — J.H. Snyder Development Co. and Washington Capital Management are partnering for the development of a high-rise residential project in Los Angeles. The Vermont will be constructed on a 2-acre site at the corner of Wilshire Boulevard and Vermont Avenue in the city's Mid-Wilshire district.
Construction will consist of two towers rising 25 and 30 stories. They will contain 464 one- and two-bedroom units as well as approximately 41,000 square feet of ground-floor retail space. Community amenities will include a lounge-style resident workspace, a fitness center and spa, and a quarter-acre central courtyard with an outdoor swimming pool. The retail space will consist of neighborhood-serving tenants including restaurants, a grocer, a bank, a dry cleaner and a coffee house. Apartments will cater to professionals, and rents will range from $1,800 to $3,000 per month. The project will be seeking LEED certification
“This is a significant investment that will transform a 2-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, a senior partner with J.H. Snyder, in a statement.
Locally based Snyder recently infused new equity into the project and will lead the design and development process with assistance from local architecture and urban planning firm Jerde Partnership. Washington Capital Management manages investments for union pension funds in Washington State and is the project's lead equity investor.
— Coleman Wood