With a $13.3-million construction loan in hand, a local real estate development firm is poised to break ground on a new multifamily residential building near the intersection of Melrose and Vermont Avenues in East Hollywood.
Barth Partners, the company behind the project at 636 N. Juanita Avenue, has secured entitlements to redevelop the site of two single-family residences with a four-story structure containing 33 apartments above semi-subterranean parking for 69 vehicles. Plans call for a mix of one- and two-bedroom units, including for which will be set aside for rent at the extremely low-income affordability level.
The project was entitled using Transit Oriented Communities incentives to achieve greater density and floor area than otherwise permitted by the property's base zoning. The development site is located within the Vermont/Western Station Neighborhood Area Plan, or SNAP.
Marcello Pozzi Architecture & Design is the design architect behind the project, with Aaron Brumer & Associates serving as the architect of record. A rendering depicts a modern low-rise structure lined with cantilevered rail balconies. Proposed on-site amenities include a resident lounge and a gym.
“The Property’s accessibility to major travel arteries, convenience to popular restaurants and shopping and proximity to Hollywood and Downtown L.A. provide plenty of optionality for those looking to experience the best of the city," said Mark Fogel, chief executive officer of ACRES Capital Corp., which provided the construction loan. "The sponsor’s expertise developing and asset-managing multifamily properties in Silver Lake and its surrounding areas is sure to contribute to the project’s success.”
Construction of the 636 Juanita development is on pace for completion in late 2022, according to a representative of ACRES.
The development site is located just east of the Virgil Village neighborhood, and less than a half-mile south of the Los Angeles City College and Metro's Vermont/Santa Monica subway station.
Barth Partners, which is based out of Silver Lake, recently completed work on a mixed-use project with 33 apartments and ground-floor restaurant space on Sunset Boulevard.
- East Hollywood (Urbanize LA)