(Read more on the multifamily market.)

LOS ANGELES-Fifteen Group Land & Development LLC of Miami has unveiled a long-range plan that would redevelop the 1930s-era Wyvernwood Garden Apartments into a $2-billion, LEED-certified mixed-use housing and commercial project in Boyle Heights that would create what the developer calls “a 21st century, sustainable community.” The plan calls for redeveloping the 70-acre site to include 4,400 residential units, 300,000 sf of retail and commercial space as well as nine acres of publicly accessible open space. Construction could commence as early as 2010 and take up to 10 years to complete.

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

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