The first project, which has already broken ground, is located at 12575 Venice Boulevard. Excavation and shoring is already complete at the site, which will eventually yield a five-story edifice featuring 52 residential units above a 48-car underground parking structure.
The second development, scheduled to break ground in October, would replace a shopping center at 12444 Venice Boulevard. Approved plans call for a six-story building containing 77 apartments, 2,100 square feet of ground-floor commercial space, and parking for 84 vehicles.
Both buildings are being designed by TCA Architects, and will include rooftop decks, fitness centers, club rooms, and other amenities. LaTerra also intends to commission a local artist to paint a mural on one of the apartment complexes.
Century City-based LaTerra acquired both properties from Crimson Holdings, which initiated the entitlements for the projects. The 12444 Venice development faced staunch opposition from neighbors and even City Councilmember Mike Bonin during the approval process, citing the proposed height of the building and a perceived lack of on-site parking. LaTerra added additional parking to the project after acquiring it, increasing the size of the garage from 77 spaces to 84 spaces.
Both projects are smaller than LaTerra’s typical developments, says Chris Tourtellotte the company's Managing Director of Acquisitions and Capital Markets. The company is now building nearly 250 apartments on two sites in Los Feliz, and is seeking entitlements for a mixed-use complex featuring 573 apartments and a 307-room hotel near Downtown Burbank.
However, the developer has observed an opening in the Mar Vista area, which is surrounding by neighborhoods with some new housing – such as Marina del Rey and Culver City – but has itself not recently seen much development.
Delivery of 12575 Venice is anticipated in approximately 20 months, according to Tourtellotte. The mixed-use project at 12444 Venice is expected to follow in approximately 24 months.
- Mar Vista (Urbanize LA)