Take a sprawling site of low-rise Depression-era apartments in Los Angeles, add a Miami investment firm that wants to do a complete overhaul of the 1,200 existing units with 4,400 condos, rentals and retail, and you have a towering ambition for urban blight.
The undertaking by Fifteen Group aims to quadruple the 1930s Wyvernwood site in a $2 billion redevelopment of the Boyle Heights section of LA. The complex would include some 24-story high-rises with more than 20,000 residents served by new stores and offices, the Los Angeles Times reports. more
Owen Eagan, a division manager for Saint Consulting in Southern California, sees great promise in Fifteen Group’s ambitions and in his comment applauds developers who contribute greatly to reducing blight.