Work begins on Westside condominium building
Even though the region is cluttered with hundreds of unsold new condominiums, Los Angeles developer California Landmark broke ground this week on a $10 million condo development near Westwood.
Virtually all construction of multifamily projects halted in 2007 as credit dried up and the global financial crisis took hold. This may be the first ground‐up multiunit residential development family project in Los Angeles since the crisis began that doesn't involve a bank‐facilitated or restructured land loan, Landmark said.
“This is one of our smallest projects in the last 15 years, but we’re nonetheless very happy to get a shovel in the ground,” said Ken Kahan, chief executive of Landmark. The five-story building will have 21 units and underground parking.
The Mediterranean‐inspired complex is being built on a former parking lot next to California Landmark’s headquarters on Prosser Avenue, just south of Santa Monica Boulevard and west of Beverly Glen Boulevard. It is set to be completed in 18 months. Prices for the units have not been set, Kahan said.
Its location makes it worth the risk, according to Landmark. “I believe in the housing market, especially within urban submarkets like West Los Angeles,” Kahan said.
Wells Fargo bank funded the construction loan. Landmark plans to start work on two more projects in Los Angeles early next year, Kahan said.
-- Roger Vincent
Image: A rendering of the 21-unit building under construction. Credit: California Landmark