CityView moves in, Lennar out at West L.A. condo project.CITYVIEW and Street Ventures have struck a deal develop an 84-unit condominium condominium In modern property law, individual ownership of one dwelling unit within a multidwelling building. Unit owners have undivided ownership interest in the land and those portions of the building shared in common. project in West Los Angeles
CityView, a Santa Monica-based real estate investment firm, entered the project in June after Lennar Homes Inc. exited a joint venture it had with Second Street, a Marina del Rey-based developer. CityView is chaired by former United States Secretary of Housing and Urban Development The United States Secretary of Housing and Urban Development is the head of the United States Department of Housing and Urban Development, concerned with urban housing matters. The Secretary is a member of the President's Cabinet. On January 13, 1966, Robert C. Henry Cisneros. In June, CityView and Second Street paid just north of $10 million to buy out Lennar's interest in the 120,000-square-foot industrially zoned lot on Tennessee Avenue, between Sawtelle Boulevard Sawtelle Boulevard is a north/south street in Los Angeles of important cultural significance. Sawtelle Blvd's northern end is at Ohio Avenue adjacent to the Veteran Administration, and its southern end is at Sepulveda Boulevard. and Bundy Drive, said Joel Shine, president of CityView. Dubbed the Tennessee Avenue Lofts project, it will feature about 80,000 square feet of development, including 84 work/live units, a reception area and conference rooms. "We think this is important, and it is particularly important on the Westside," Cisneros said. "It helps transform an industrial district into an area that includes homes." The development would be near the Metro Rail's proposed light rail Exposition Line, which has a planned extension from Culver City Culver City, city (1990 pop. 38,793), Los Angeles co., S Calif., a residential suburb of Los Angeles; inc. 1917. It is a center of the U.S. motion-picture industry, whose roots in the city date to c.1915. Its chief manufactures are rubber products and computers. to Santa Monica Santa Monica (săn`tə mŏn`ĭkə), city (1990 pop. 86,905), Los Angeles co., S Calif., on Santa Monica Bay; inc. 1886. Tourism and retailing are important, and the city has motion-picture, biotechnology, and software industries. in its second phase after 2009. The site is currently occupied by warehouse space that had last been used by several tenants, including a clothing manufacturer that has gone out of business. The project, represented by Lisa Specht of Manatt, Phelps & Phillips, is expected to come before the city's Planning Commission Noun 1. planning commission - a commission delegated to propose plans for future activities and developments commission, committee - a special group delegated to consider some matter; "a committee is a group that keeps minutes and loses hours" - Milton Berle in September as it still needs to be re-zoned for commercial use. "We've really worked with the community to talk through issues we have and they have been really supportive of the project," said Second Street President Adam Browning. "The work/live concept in the area is interesting because a great number of employers on the Westside are small businesses." The developers hope to begin construction in late 2007 or early 2008. CityView and Lennar brokered their deal directly. |
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