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A seven-story apartment project is planned for a stretch of Vermont Avenue where developer interest seems to have concentrated in the last year or so.
The owner of a site at 1136-1142 1/2 North Vermont Ave. proposed a 61K SF, 65-unit building just north of the Vermont/Santa Monica subway station, The Real Deal reported. The East Hollywood site now holds a single-story retail building.
The new building would also have 2K SF of ground-floor commercial space in addition to the residential units. Eight of the units would be set aside for tenants with extremely low incomes in accordance with the city's Transit Oriented Communities guidelines, which allow for more density at transit-close locations, if projects include income-restricted units.
The property owner is Michel Pourmussa, famed for owning the Balboa Inn in Newport Beach, but he's hardly the only developer who has big plans for some of the existing low-rise properties in the neighborhood.
Jamison Services plans to replace a swap meet on Santa Monica Boulevard with almost 200 residential units and the nonprofit Little Tokyo Service Center is working on an affordable project that will sit atop the subway station itself.
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