Less than a week after breaking ground on a 25-story apartment tower in Koreatown, Hankey Investment Company and Jamison Services have filed plans to construct another large development near Metro's Vermont/Beverly Station.
The project site, a former car dealership at 200 N. Vermont Avenue, is slated for the construction of a six-story building which would feature 490 residential units with 9,280 square feet of ground-floor retail space and parking.
Hankey and Jamison are seeking entitlements through the Transit Oriented Communities guidelines, which allow for relief from certain zoning rules when projects provide affordable housing - in this case, 49 apartments that would be priced for those earning 30 percent or less than the area median income. Requested incentives include a reduced parking requirement - a half-space per unit, or 245 stalls - and increases to allowable floor area and density.
The project would also require adjustments from the Vermont/Western Station Neighborhood Area Plan, the specific plan which provides the land use and zoning regulations for the area surrounding several of the stations on Metro's Red Line.
The 2.83-acre property was once the home of Midway Ford, which the Hankey family once owned and operated. Though Midway Ford would eventually close, the Hankey family maintained ownership of the property, which continued to function as a car dealership under other operators - most recently Sage Automotive Group. Jamison Services purchased a minority stake in the property last year.
Sources indicate that architecture firm MVE + Partners is designing 200 Vermont.
The mixed-use development would rise directly across the street from AMCAL's Meridian Apartments - a 100-unit affordable development which opened in 2017. Non-profit developer and service provider PATH Ventures is also building a permanent supportive housing complex two blocks west.
Besides the proposed development at 200 Vermont, Hankey and Jamison have previously collaborated on the 2900 Wilshire apartment tower - now under construction - and the Circa apartments in Downtown Los Angeles - which opened last year.
- Koreatown (Urbanize LA)