Prolific developer Wiseman Residential eyes another resi complex in hot Venice
The firm has 30 rental properties, mostly on the Westside
Prolific developer Wiseman Residential is planning a 77-unit apartment complex in Venice, which would be one of its larger recent projects.
The Sawtelle-based firm is requesting a density bonus and maximum height increase for the development, which would rise at 1600 E. Venice Boulevard, according to records. The requests were made through the city’s Transit-Oriented Communities program. Wiseman filed for the project through an entity called Venice Wave LP.
The TOC program allows developers to add more units to developments near transit — which are often market-rate — if they make some of those units affordable. Wiseman did not specify in the filing how many units it plans to set aside as affordable.
The picked up the development property for $5 million in March, and demolished an aging apartment building there.
Wiseman builds and manages around 30 properties mostly on the Westside and in Hollywood. The firm’s last proposal in Venice was for a 44-unit project on Lincoln Boulevard last April. More recently in May the firm filed plans for a four-story project with 16 units in West L.A.
Venice is one of the hottest rental residential markets in the L.A. area. The influx of tech companies and their young, affluent employees is driving demand and pricing.