Developer J.H. Snyder may be out of the Valley Plaza mall in North Hollywood, but as the Daily News first reported last week, Jerome Snyder, managing partner at the firm, does indeed have a new plan for the area.
Today, Snyder confirmed a rumor that he wants to do a housing project on the mall site, which his firm owned until a few weeks ago. "First, I have to make a deal with iStar," he said, referencing the New York-based lender that recently took back the site.
So will J.H. Snyder buy back the site and start over? To be determined! Curbed caught up with the developer at today's Community Redevelopment Agency (CRA) meeting, where the CRA--just breezing along, despite the death threats from Sacramento--voted to hand over up to $17.5 million in funds for J.H. Snyder's The Vermont project at Vermont Avenue and Wilshire Boulevard.
Yes, it has a new name. The Vermont. And the towers will consist of 464 market rate apartments, over 41,000 square feet of retail. Planned are 159 underground parking spaces, and 754 parking spaces in five levels of above ground parking.
The company hopes to break ground by January 2012, according to Kacy Keys, Vice President and General Counsel for JH Snyder. The project will also have a public plaza at the apartment site, so the design tweaks are forthcoming.
Notably, that car drop-off seen in the original rendering, derided by some Curbed commenters, may change given the plaza plans. "We will work with the community to design the 12,000 square feet of open space," wrote Keys in an email this afternoon.
The architect on The Vermont is local firm Jerde, which has done numerous projects for JH Snyder, including NoHo Commons.
Meanwhile, Snyder isn't developing The Vermont alone: The development team is 50-50 split between JH Snyder and Washington Capital Management, a Seattle-based pension fund and lender. Washington Capital foreclosed on the site after previous owner Gerding Edlen defaulted.
· J.H. Snyder Loses North Hollywood Valley Plaza Site [Curbed LA]
· CRA to Vote on $17.5 Million for Vermont/Wilshire Apartment Project [Curbed LA]