LOS ANGELES--(BUSINESS WIRE)--Los Angeles-based developer J.H. Snyder Development Company, a Jerome Snyder/Michael Wise Partnership, has reached an agreement with a subsidiary of Washington Capital Management to partner in the development of a long-vacant 2-acre property at the southeast corner of Wilshire Boulevard and Vermont Avenue in the Mid-Wilshire district.
Washington Capital Management, which manages investments for union pension funds in Washington State, has been the lead equity investor in the property. Snyder, one of Southern California’s most prolific residential and retail builders, recently infused new equity into the project. The firm is leading the design and development process to build a predominantly residential project consisting of rental apartments that will cater to professionals seeking a high tech, service-driven experience in a centrally-located site with direct access to downtown and mid-Wilshire employment centers.
The project team plans to begin construction on the already-entitled property as soon as the summer of 2011, with an estimated completion date in 2013. When developed, the property will feature two residential towers with ground-floor retail surrounding a quarter-acre central courtyard. The north and south towers will be 25 and 30 stories tall, respectively, and include a total of 464 one and two-bedroom apartments. The street level will have approximately 41,000 square feet for neighborhood-serving retail uses, including restaurants, a grocer, bank, dry cleaner and coffee house.
The apartment community will feature shared, lounge-style workspace for residents, a high-end gym and spa solely for their use and open space in a dense, urban setting. Snyder has made a commitment to use union labor for the project, and estimates the creation of hundreds of quality construction jobs at a time when that industry is hurting.
J.H. Snyder is working closely with Jerde Partnership, an acclaimed architecture and urban planning firm based in Los Angeles, to realize the vision of revitalizing this vacant property located adjacent to the Vermont/Wilshire Metro station in this burgeoning mid-City neighborhood. The project team expects that the transit-oriented towers will achieve LEED certification upon completion.
“This is a significant investment that will transform a two-acre dirt lot into a vibrant mixed-use community in the heart of one of LA’s most energetic and growing neighborhoods,” said Michael Wise, Senior Partner, J.H. Snyder Company. “We have a great partner in Washington Capital, and are thrilled to work with them to move a significant, job-creating project forward at a time when new construction activity of this scale is rare.”
“The development at Wilshire and Vermont will help address the demand for rental housing in this dense urban neighborhood while creating much-needed union jobs for the local community,” said Bruce Korter, Managing Director with Washington Capital. “We sought out Jerry Snyder because of his unmatched track record of quality development in Southern California, his knowledge of this site and the surrounding community, and his commitment to make this a union job. We see this is a huge win for the community and for our investors.”
“I am confident in J.H. Snyder’s plans for this property and I believe the project will serve as a catalyst for further revitalization in the Mid-Wilshire district,” said Los Angeles City Councilmember Herb Wesson. “The Vermont project is expected to deliver up to 2,000 union construction jobs, which is fantastic news.”
The residences will feature ultra high-end finishes as well as stainless steel appliances and residents will have access to a full-service concierge, 24-hour doormen and an expansive recreation facility that will include a full gym, pool, steam rooms, sauna, business center and possibly a theater. All of these amenities will be included in the rental prices, which will range from $1,800-$3,000 per month for the one and two-bedroom units.
About J.H. Snyder Company
Currently a $1.5 billion enterprise, the J.H. Snyder Company has built more than 41,000 residential units, four million square feet of office space and more than two million square feet of retail development in its nearly 60 years of operation. As one of the nation’s leading builders and innovators the J.H. Snyder Company is consistently involved in signature developments that define and change Southern California communities for the better.
About Washington Capital Management
Washington Capital Management, Inc. (WCM) is an employee owned investment advisory firm founded in 1977. WCM headquarters are located in Seattle, Washington, with branch offices in Portland, Spokane, Anchorage, Southern California and Northern California. Currently, WCM invests approximately $2.6 billion in assets in pooled or separate accounts for over 110 primarily institutional clients. WCM provides a diverse menu of investment products to meet our clients’ objectives.