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LOS ANGELES-Fifteen Group Land & Development LLC of Miamihas unveiled a long-range plan that would redevelop the 1930s-eraWyvernwood Garden Apartments into a $2-billion, LEED-certifiedmixed-use housing and commercial project in Boyle Heights thatwould create what the developer calls "a 21st century, sustainablecommunity." The plan calls for redeveloping the 70-acre site toinclude 4,400 residential units, 300,000 sf of retail andcommercial space as well as nine acres of publicly accessible openspace. Construction could commence as early as 2010 and take up to10 years to complete.

The Wyvernwood property consists of 1,187 units, made up of the1,175-unit Wyvernwood Garden Apartments that Fifteen Group acquiredin 1998, plus an adjacent 12-unit apartment complex that thedeveloper bought in 2006. The development plan is the result ofmore than two years of meetings with tenants, community groups andcity officials; Fifteen Group says that no plans or applicationswill be submitted to the City of Los Angeles to officially beginthe entitlement process until the developer completes an assessmentof feedback from those it met with in formulating the plan.