LOS ANGELES--(BUSINESS WIRE)--The Los Angeles City Council voted earlier today to approve The Vermont, a 464-unit high-rise apartment complex with ground floor retail and a public open space. The approval clears the way for developer J.H. Snyder to begin construction on the long-vacant two-acre property at the southeast corner of Wilshire Boulevard and Vermont Avenue in the Mid-Wilshire district.
The Council vote comes five days after the Community Redevelopment Agency unanimously approved the project. Both bodies praised the project team’s outstanding effort to incorporate the local community into the project’s planning process and deliver a generous community benefits package.
“The City Council approval is great news,” said Michael Wise, Senior Partner, J.H. Snyder Company. “We are excited to bring new life to this important intersection in the heart of the growing Mid-Wilshire District, just west of Downtown. There is a strong and growing market for modern apartment homes and retail in the neighborhood - I am confident The Vermont will be a welcome addition to the area.”
The Silver LEED-certified building will be comprised of a mix of residential, retail and recreational uses. Features include two high-rise towers surrounding a quarter-acre central courtyard; 41,000 square feet for ground-floor retailers including restaurants, a grocer, bank, dry cleaner and coffee house; as well as public underground parking. Residents of The Vermont will also have access to a full-service concierge, shared lounge-style workspace, a pool, high-end gym and spa exclusively for their use.
The investment is expected to create more than 1,500 union construction jobs at a time when the industry is hurting. As part of the project build-out, the J.H. Snyder Company will also make a $1 million contribution to a Community Benefit Trust Fund and partner with the community to build 96 affordable housing units elsewhere in Koreatown. The community can also look forward to 77 non-reserved parking spaces in the underground garage as well as 12,000 square feet of public open space along Wilshire Boulevard.
“It's fantastic to see the community come together for this critical project, which will put people to work and will also provide significant community benefits,” said Councilman Herb Wesson. “I applaud the work of J.H. Snyder to bring this important project forward,” he said.
The pre-construction process for The Vermont will now begin, which includes preparing detailed improvement and construction drawings and processing a variety of permit applications. The Vermont project team plans to begin construction on the property by the end of 2011, with an estimated completion date in 2013.
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.