The southeast corner of Vermont and Wilshire has been a question mark since developer J.H. Snyder's plans for a vertical mall went bust. But, seemingly out of nowhere, Snyder has retooled and announced he's building two rental towers on the empty lot and will start construction this summer, with hopes to have the giant project done in 2013 (a Seattle-based investment firm is helping provide financing). The $150 million development will pencil out because the apartment market is "very strong," Snyder told the Los Angeles Times. Located above the Purple and Red Lines, the project will be called The Vermont--there will be a 25-story tower and a 30-story tower with 464 one- and two-bedroom apartments, 41,000 square-foot of retail, a quarter-acre size central courtyard, lounge-style workspace for residents, gym and spa (and maybe a lazy river-esque pool according to one of the renderings). Snyder--of NoHo Commons fame--already has this project entitled and is hoping to make the towers LEED-certified (green). And the rent? $1,800 to $3,000 a month. UPDATE: Jerde Partnership is doing the architecture.
· Snyder Unveils Plan for Mid-Wilshire Site [LA Times]
· Wilshire Vermont Vertical Mall Never Happening [Curbed LA]