A 132-unit project planned for Los Angeles is moving forward, recently clearing the City’s Planning Commission. Once completed, the mixed-use project would add both residential and commercial space to the city’s Vermont Knolls neighborhood.
The project would take shape at 1218-1238 West Manchester Avenue and is developed by 1218 West Manchester Associates, an entity affiliated with Philip Cohen of Mansfield Equities. Designs for the project come from Ketter, a Los Angeles-based construction and architecture firm.
In total, the project would include the construction of a five-story building with 18 studios, 67 one-bedrooms units, 40 two-bedroom units and seven three-bedroom units. The project also includes 18 units reserved for very low income households.
As well as residential space, the 85,793 square foot building would feature 5,444 square feet of ground floor commercial space as well as 97 residential and 16 commercial parking spaces within a subterranean parking garage.
Various amenities would also be located throughout the building, including a community room at the ground floor level, a courtyard, a fitness center and private balconies.
Currently, the 0.76-acre project site is developed with three single family units and warehouse space, which would be demolished to make way for the planned development.
The property is near both Interstates 110 and 105, south of downtown Los Angeles. The area is primarily developed with a mix of single family and multifamily homes as well as various retail buildings.
Across Los Angeles, vacancy rates in the multifamily market are at a historic low, leading to a greater need for residential development. According to a second quarter market report from Marcus & Millichap, vacancy rates across Los Angeles decreased to 1.8 percent as renters absorbed more than 14,000 apartment units. At the same time, rental rates during the second quarter grew to $2,649 per month – a 7.4 percent increase.
