LOS ANGELES—Planet Home Living is building another small-lot ordinance community on the Eastside of Los Angeles. COVO is a follow up to Prism, the developer's recently completed small-lot project in Eagle Rock, which sold out in weeks. Located in the Silverlake neighborhood, which is no stranger to these small-lot projects, COVO will be a collection of 10 single-family detached homes starting in the $900,000 range.
“This area, so close to the urban core and like other central LA neighborhoods, has a compounding shortage of new housing,” Michael Marini, CEO of Planet Home Living, tells GlobeSt.com. “What was interesting about this property is that it was zoned R3, which is an ideal zoning for a new apartment project. We could have chosen to permit and build an 18-unit apartment project or even press for a larger 12-unit small lot ordinance project with that zoning, however, we felt strongly that a new 10-unit SLO project was more appropriate, would better fit into the surrounding neighborhood and provide a better quality of living for our homebuyers. Also, anytime we can replace old rundown apartments with new homeowners is a win-win in our books.”
COVO will feature a similar design to the developer's previous small-lot projects, but these will feature rooftop decks and views. The 10 houses will have two floor plans with three bedrooms and three-and-a-half baths, as well as a two-car garage. “COVO means “nest” or “den” and is appropriately named as each home offers treetop views and privacy,” says Marini. “The architecture is more gritty and urban with exterior, rusted metal siding, smooth trowel stucco and dark black aluminum windows designed to attract a modern home buyer.” KTGY Architecture + Planning is designing the project.
While there has been some volatility in the lending markets for construction projects, Planet Home Living has not experienced any financing problems on these types of developments. “Fortunately, we have been able to finance all of our projects over the years without too much difficulty,” says Marini. “There are many factors that lenders consider when underwriting a new borrower including the developer's track record and their commitment in completing each project as planned. Keep in mind that Planet Home Living got its start in 2007 and, at that time, our initial deals were acquisitions of non-performing construction notes and bank REOs from broken development deals. Lenders also appreciate our experience and history in completing all sorts of development deals.”
COVO should have a model home ready for tours in December of this year. The community has already shown tremendous support, according to the developer, and they expect to experience similar success with this project.
Steady gains in the US economy have resulted in net positives for the multifamily sector—will this wave continue for the foreseeable future? What's driving development and capital flows? Join us at RealShare Apartments on October 19 & 20 for impactful information from the leaders in the National multifamily space. Learn more.
LOS ANGELES—Planet Home Living is building another small-lot ordinance community on the Eastside of Los Angeles. COVO is a follow up to Prism, the developer's recently completed small-lot project in Eagle Rock, which sold out in weeks. Located in the Silverlake neighborhood, which is no stranger to these small-lot projects, COVO will be a collection of 10 single-family detached homes starting in the $900,000 range.
“This area, so close to the urban core and like other central LA neighborhoods, has a compounding shortage of new housing,” Michael Marini, CEO of Planet Home Living, tells GlobeSt.com. “What was interesting about this property is that it was zoned R3, which is an ideal zoning for a new apartment project. We could have chosen to permit and build an 18-unit apartment project or even press for a larger 12-unit small lot ordinance project with that zoning, however, we felt strongly that a new 10-unit SLO project was more appropriate, would better fit into the surrounding neighborhood and provide a better quality of living for our homebuyers. Also, anytime we can replace old rundown apartments with new homeowners is a win-win in our books.”
COVO will feature a similar design to the developer's previous small-lot projects, but these will feature rooftop decks and views. The 10 houses will have two floor plans with three bedrooms and three-and-a-half baths, as well as a two-car garage. “COVO means “nest” or “den” and is appropriately named as each home offers treetop views and privacy,” says Marini. “The architecture is more gritty and urban with exterior, rusted metal siding, smooth trowel stucco and dark black aluminum windows designed to attract a modern home buyer.” KTGY Architecture + Planning is designing the project.
While there has been some volatility in the lending markets for construction projects, Planet Home Living has not experienced any financing problems on these types of developments. “Fortunately, we have been able to finance all of our projects over the years without too much difficulty,” says Marini. “There are many factors that lenders consider when underwriting a new borrower including the developer's track record and their commitment in completing each project as planned. Keep in mind that Planet Home Living got its start in 2007 and, at that time, our initial deals were acquisitions of non-performing construction notes and bank REOs from broken development deals. Lenders also appreciate our experience and history in completing all sorts of development deals.”
COVO should have a model home ready for tours in December of this year. The community has already shown tremendous support, according to the developer, and they expect to experience similar success with this project.
Steady gains in the US economy have resulted in net positives for the multifamily sector—will this wave continue for the foreseeable future? What's driving development and capital flows? Join us at RealShare Apartments on October 19 & 20 for impactful information from the leaders in the National multifamily space. Learn more.
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