LOS ANGELES-The J.H. Snyder Co. will partner with a subsidiary of Washington Capital Management to develop 464 high-rise apartment units on a vacant two-acre property adjacent to the Vermont/Wilshire Metro station at the southeast corner of Wilshire Boulevard and Vermont Avenue in the Mid-Wilshire district, according to Snyder. Plans call for the project, estimated to cost $150 million, to include ground floor retail space as well.

Washington Capital Management, which manages investments for union pension funds in Washington State, has been the lead equity investor in the property. Snyder, which recently infused new equity into the project, is leading the design and development process. Snyder says the project will be designed to provide "apartments that will cater to professionals seeking a high tech, service-driven experience in a centrally located site with direct access to downtown and Mid-Wilshire employment centers."

The project team plans to begin construction on the already entitled property as soon as the summer of 2011, with an estimated completion date in 2013. It will feature two residential towers of one- and two-bedroom units, with ground-floor retail surrounding a quarter-acre central courtyard. The north and south towers will be 25 and 30 stories tall, respectively, with approximately 41,000 square feet of neighborhood-serving retail uses, including restaurants, a grocer, bank, dry cleaner and coffee house.

Describing the project, Snyder says: "The apartment community will feature shared, lounge-style workspace for residents, a high-end gym and spa solely for their use and open space in a dense, urban setting. Snyder has made a commitment to use union labor for the project, and estimates the creation of hundreds of quality construction jobs at a time when that industry is hurting."

J.H. Snyder is working with Jerde Partnership, an architecture and urban planning firm based in Los Angeles, and expects that the transit-oriented towers will achieve LEED certification upon completion. Rents are expected to range from $1,800 to $3,000.