UPDATED, 3:00 p.m., Aug. 17: Brentwood-based development firm GPI Companies is planning 14 luxury residential units on its home turf.
GPI’s plans call for a five-story, 55,943-square-foot building with additional ground floor commercial space, according to planning commission documents.
The property at 11770 West San Vicente Boulevard is currently a single-story retail center with multiple tenants. GPI acquired the 20,022-square-foot site for $23.5 million, according to CoStar.
At the time of the sale, tenants include Peet’s Coffee & Tea, Subway, First Republic Bank and Radco Realty. The nearly fully leased building will most likely be demolished, GPI director of development Nick Browne told The Real Deal.
The residential units would average 2,700 square feet and go upward of 4,000 square feet, he said. Amenities would include a rooftop pool and open space toward the back of the triangular lot.
Potential tenants could be empty-nester parents who are looking for a more urban and walkable neighborhood, or a bi-coastal businessperson with family on the Westside of L.A., according to Browne.
Browne said that his company saw an opportunity to fill a residential niche in Brentwood, as there not many condos of this caliber west of the 405.
“One of the biggest issues in our part of town in Brentwood is traffic so we asked ourselves, ‘How can we build something great here that fills a need but also reduce traffic?’” Brown said. “What we came up with was larger units.”
GPI’s plans envision two levels of subterranean parking. The firm tapped Montalba Architects of Santa Monica to design the complex.