JV Plans $30M NoHo Condo Project

NORTH HOLLYWOOD, CA-A joint venture of three partners plans a $30-million project of 58 condominiums and live-work units on a newly acquired site at 4900 Vineland Ave., according to Evanisko Realty & Investment. The development group, which bought an entire city block in the NoHo Arts District, includes CO Wood Development, Habitat Group Los Angeles and Brix Properties.

Frank Evanisko, president of Studio City-based Evanisko, reports that the joint venture's project site is just north of the familiar Lankershim Boulevard "Y." Evanisko, who represented both the buyers and seller Specter Development Co., says that the project illustrates the "trend toward a more urban-based lifestyle" in the area.

According to Clyde Wood, one of the principals of the development group, the fully entitled plans call for construction of 58 contemporary condominium units in a two-building complex. This includes five ground floor live-work units, seven two-story penthouses and 46 flats with open floor plans. Units are expected to sell from the high $400,000s to $800,000.

The development site, located within the North Hollywood Redevelopment Area, is bounded by Vineland on the west, Peach Grove Street on the south, Huston Street on the north and an alley on the east. It will feature a six-story structure facing Vineland and a five-story building facing east.

Groundbreaking for the project, which is tentatively named "4900," is expected for this spring with a late summer 2008 opening. The development, financed by the Phoenix Realty Group, is being designed by Stenfors Associates Architects of Los Angeles.

Wood says that the development group's goal is to "deliver relatively affordable units targeted to younger professionals," many of whom work in the nearby entertainment industry. In addition to Wood, the other principals of the development group include Richard Loring and David Sudeck.