Crimson Holdings , a Los Angeles real estate firm, is planning two separate residential developments in Mar Vista.
12444 West Venice Boulevard
will be a 77-unit building with 2,100 square feet of retail space,Currently, a two-story retail and commercial center is currently occupying the site, and will have to be demolished in order to rebuild the 77- unit building. Crimson purchased the center as part of a 16,420-square-foot retail strip for $1.2 million in May, according to CoStar.
12575 West Venice Boulevard
will be the demolition of an existing commercial building, in order to reconstruct the 36,472-square-foot, 52-unit multifamily residential building. Five of the apartments would reserved for “very low income” households.
Crimson specializes in acquiring “multifamily assets in lower-risk markets,” , and pursues redevelopment opportunities in “geographically constrained” areas.
And Mar Vista definetly fits this description. The Mar Vista neighborhood continues to thrive with more Mom and Pop shops opening up on Venice Blvd. It is one of the most expensive L.A. markets for renters right now, with the monthly median rent of $2,950, according to a CoStar analysis. For the greater L.A. area, it’s about $1,800.
A lot of the increase of new shops in the area is due to the high commercial rents on Abbott Kinney.
A lot of stores have told us that they are being priced out of Venice and Mar Vista is a great option, because the neighborhood has the same demographic, and it’s only a mile away from their old location for half of the price.
Back to 12444 Venice Blvd, Councilman Mike Bonin is disappointed that the Planning Department did not side with the community and require the project’s height to be reduced. As he said that ,”while he supports more housing, especially on transit corridors, he is opposed to the 12444 Venice Boulevard proposal . It is important to note that State law limits how much discretionary ability local governments have in evaluating projects like this. In order to encourage more housing, the State has given developers the ability — under certain circumstances — to get exemptions from City rules regarding height, density, and parking. The developer here has applied for a project that takes advantage of these State rules. “Nevertheless, the Councilmember believes the project is too tall for the proposed location, given that project could end up being the tallest building on Venice Boulevard from downtown to the ocean. He is also concerned that the applicant has not been more responsive to the issues that have been raised by the community.
Mar Vistians agree. We love Mar Vista’s “Gilmore Girls” small-town community, and are fearful of all buildings monopolizing the neighborhood.
“99.9% of the people that spoke at the hearing did not want this. The Councilmember stated he does not want this, but when Planners that will not be effected at all decide that the dollars made off permit fees and taxes build up there Planning Department Coffers, this is what you get. This process needs to change, it “Rigged” in favor of developers so that the City gets paid. This is the start of what will be massive development in Venice Blvd. Benefiting City Coffers and developers pockets. As neighbors and Neighborhood Associations we need to band together financially and file a Law Suite against the City for what will surely effect our quality of life with this one of many very bad discussions they make daily.”
Steve Wallace, a Mar Vista Resident
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