In July 2002 Urban Partners was selected from among five bidders by the Metropolitan Transportation Authority of Los Angeles County (Metro) to develop seven acres of land at the Wilshire Vermont Metro Red Line subway portal.
Urban Partners is creating a complex mixed-income, multi-family rental apartment and retail program with subterranean parking and a Los Angeles Unified School District middle school. Twenty percent of the housing units will be designated as “affordable” at 50% of Area Median Income.
Project financing was arranged through MacFarlane Partners (on behalf of CalPERS), Bank of America and a $135 million tax-exempt “low-floater” affordable housing bond issue which, at the time, was the largest in California history. A public art installation at the prominent corner of Wilshire Boulevard and Vermont Avenue is being prepared by April Greiman.
Keller CMS is providing design and construction management services.
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DEVELOPMENT
Urban Partners
Real Estate Capital Partners
Polis Development
California Urban Investment Partners (CalPERS)
Bank of America
Community Redevelopment Agency of Los Angeles
California Debt Limit Allocation Committee
DESIGN
Arquitectonica
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CONSTRUCTION
Taisei Construction
CONSTRUCTION SCHEDULE
Construction start 2004
Completion 2007
PROGRAM
Urban infill, mixed-use,
transit-oriented development
449 apartment homes
(20% affordable)
36,000 sf retail
666 parking stalls
Subway station and bus plaza
739 seat middle school
Full amenity package