The wave of desirability washing over an handful of Westside neighborhoods thanks to Silicon Beach and the influx of tech money that’s come with it isn’t just affecting coastal neighborhoods like Venice. Over in Mar Vista, interest seems to be heating up along Venice Boulevard. A pair of residential buildings just across the street from one another on Venice near Centinela have been proposed by developer Crimson Holdings, reports real estate news website The Real Deal.
The first, a 77-unit building with 2,100 square feet of retail space, would take out a two-story strip mall at 12444 West Venice Boulevard.
The second, at 12575 West Venice Boulevard, would replace a low-slung commercial building with an approximately 36,500-square-foot residential building with 52 residential units—five of which would be set aside for very low-income households.
According to Crimson’s website, the company looks for "redevelopment opportunities in geographically constrained areas," where risk is low. Thanks to tech companies moving into areas like Santa Monica and Venice, it’s safe to say that risk is low in Mar Vista, which is right next door to Venice. The median one-bedroom in Mar Vista was renting for $1,795 last quarter, which was up from $1,750 at the end of last year. Last quarter, the average rent in neighboring Venice was just shy of $3,000 for a median one-bedroom.