Wilshire Vermont Station
In July 2002 Urban Partners was selected from among five bidders by the Metropolitan Transportation Authority of Los Angeles County (Metro) to develop seven acres of land at the Wilshire Vermont Metro Red Line and Purple Line subway portal.
Urban Partners created a complex mixed-income, multi-family rental apartment and retail program with subterranean parking and a Los Angeles Unified School District middle school. Twenty percent of the housing units are designated as “affordable” at 50% of Area Median Income. Wilshire Vermont is a true transit-oriented development sitting atop the Metro Red and Purple Lines connecting the project through Downtown, Koreatown, Hollywood and North Hollywood. There is a bus plaza to the east of the project and major bus lines at Wilshire and Vermont to the south and west of the project.
Project financing was arranged through MacFarlane Partners (on behalf of CalPERS), Bank of America and a $135 million tax-exempt “low-floater” affordable housing bond issue which, at the time, was the largest in California history. A public art installation at the prominent corner of Wilshire Boulevard and Vermont Avenue was created by April Greiman.