LOS ANGELES-The Los Angeles City Council has given the go-ahead to developer J.H. Snyder to begin construction of the Vermont, a 464-unit high-rise apartment project at a long-vacant site at Wilshire Boulevard and Vermont Avenue. The development site is a two-acre parcel at the southeast corner of the intersection. The council vote followed a recent vote of approval by the Community Redevelopment Agency.

Snyder says the pre-construction process for the development will now begin, which includes preparing detailed improvement and construction drawings and processing a variety of permit applications. Construction is expected to begin the end of this eyar, with an estimated completion date in 2013. The cost of the project is estimated at $150 million, according to a previous GlobeSt.com report.

The project, which will feature two towers surrounding a central courtyard, is slated for Silver LEED certification. It will comprise a mix of residential, retail and recreational uses, among them 41,000 square feet for ground-floor retailers including restaurants, a grocer, bank, dry cleaner and coffee house; as well as public underground parking.

Michael Wise, senior partner at J.H. Snyder Co., said the company sees "a strong and growing market" for modern apartments and retail in the neighborhood, which is in the Mid-Wilshire district. The new complex will include features such as a full-service concierge, shared lounge-style workspace, a pool, plus a high-end gym and spa.

The project will employ 1,500 union construction jobs, and Snyder is committed to making a $1 million contribution to a Community Benefit Trust Fund and partner with the community to build 96 affordable housing units elsewhere in Koreatown.