An initial environmental study published by the city of Rosemead shows that a new residential development could soon be constructed on a vacant plot of land along Garvey Avenue. Referred to as Prospect Villa, the proposed community would bring 75 residential units to the San Gabriel Valley community.
Plans for the project site, which is located at 7539 and 7545 Garvey Avenue, were submitted to the city by San Gabriel-based Del Mar Property, LLC, an entity associated with Gerard Ngo. Ngo, according to public records, is also president of San Gabriel’s Hawaii Supermarket.
According to the plans, the building would reach seven stories and provide 6,346 square feet of commercial space at the ground floor level. The project also proposes 147 parking spaces.
The proposed residential space would include a mix of unit types, including 30 live-work throughout the first four floors. The remaining 45 units would be located on the fifth through seventh floors, and would include 34 two-bedroom units, 10 three-bedroom units and one four-bedroom apartment.
The project is being designed by Scales Lab Architects and would include 12,547 square feet of landscaping. Outdoor courtyards would also offer dining tables and chairs, outdoor lounge sofas, natural gas fire pits, bar areas with seating and various other amenities.
The project site is situated between Monterey Park and Garvey, near a number of single-family homes. The location also maintains easy access to Interstate-10 and is within walking distance to several schools, including the Ralph Waldo Emerson Elementary School and Richard Garvey Intermediate.
The growing San Gabriel Valley has seen a number of new developments popping up over the past several months. Most recently, in November of 2021, Begonia Real Estate Development broke ground on a 58,258 square-foot mixed-use multifamily project in Temple City. In nearby Alhambra, the Ratkovich Company also recently received approval to construct The Villages at Alhambra, which would bring 775 residential units to the San Gabriel Valley.
Across the Greater Los Angeles area, developers are racing to put out new residential product as vacancies in the market continue to decline. According to a fourth quarter multifamily market report from Kidder Mathews, vacancy across Los Angeles’ multifamily market has dropped nearly 40 percent year-over-year to 3.5 percent. At the same time, however, the report shows a nine percent increase in under-construction properties, equating to approximately 30,920 residential units. During the fourth quarter, 12,732 multifamily units were delivered.
