Koreatown’s Vermont for Sale

Visitors to Koreatown will have seen the construction on Vermont Avenue and Wilshire Boulevard. The Vermont, a new high-rise apartment complex that broke ground two years ago, is now for sale by Miracle Mile based J.H. Snyder Development Co. Once completed, the new residential apartment complex will be comprised of two towers standing 23 and 29 stories and feature 464 units. The construction is estimated to have cost $200 million.

In addition to residential units, the Vermont will also feature 31,500 square feet of retail space on the ground floor with Fatburger and Starbucks having taken preleases to the as yet uncompleted space. As reported by the Los Angeles Business Journal in its February 3, 2014 print edition, the entire development is said to be worth around $300 million. Each residential unit is estimated to be worth $580,000 while the retail portion is said to be worth $30 million.

The Vermont may have stiff competition in the local market. The Solair, a 186 unit mixed use luxury high rise condominium is also located down the street on Western Avenue and Wilshire Boulevard. Its 41,000 square feet retail and office space was sold for an undisclosed amount in December 2013 but was only 44.5 percent leased.

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