Developer Verono proposes new resi building in Hollywood

Long Beach-based firm is also working on 2 projects in Boyle Heights

Oct.October 11, 2018 12:00 PM
Andrew Raitt, founder and CEO of Verono and the site

Verono Investments has added another multifamily project to its Los Angeles pipeline.

The firm, acting behind an LLC, filed plans to build a new, 45-unit building in Hollywood. The move came two weeks after Verono requested approvals to build its second multifamily project in Boyle Heights.

Located at 5301 W. Sierra Vista Avenue, the proposed mixed-use building would include 40 market-rate units with the remaining five set aside for low-income residents, according to the Department of City Planning.

The developer is seeking a density bonus and greater leniency with the open space requirements through the Transit Oriented Communities program.

Property records show Andrew Raitt, founder and CEO of Verono, paid $2.2 million for the property in August 2016 through his LLC, Sierra Vista 1.

Hollywood has become a hotbed for mid-rise multifamily projects in recent years. Earlier this year, another developer filed plans to build a seven-story, 51-unit residential building at 6753 W. Selma Avenue. Due to its proximity to the Hollywood/Vine Metro station, that project is also being considered as part of the TOC program.

But Hollywood isn’t the only neighborhood Raitt has been eyeing.

Late September, the CEO filed plans to build a 34-unit apartment building on Pleasant Avenue in Boyle Heights. His firm is also working on the Percy Apartments, another 30-unit building nearby that will include three-bedroom apartments.

Related Articles

Mario J. Palumbo, managing director of Seward Partners and Millennium Partners, and the site (Credit: Google Maps)

MP Los Angeles plans 14-story office development in Hollywood

CGI’s Gidi Cohen and the Fedora Street project

CGI scores $48M in construction financing for Koreatown multifamily project

500-512 S. Union Avenue (Credit Google Maps and iStock)

TOC project with 85 units planned in Westlake

A rendering of the Vine Street project (Credit: Hawkins\Brown Architects via Urbanize)

Post Group’s Matt Cooper plans offices on Vine St. in Hollywood

Hollywood's Seward House sells for $23.4M

Bardas Investment pays $23M for Seward House in Hollywood

Historic Parker Building could become a hotel (Credit: Google Maps)

Hotel developer looks to transform Hollywood’s historic Palmer Building

Hobart Garden Apartments at 1344 N Hobart Boulevard (Credit: Google Maps)

Reiner Communities pays $48M for 142-unit East Hollywood complex

Interest rate drops spur loan requests from multifamily borrowers (Credit: iStock)

Multifamily owners rush to refinance their mortgages