OC investor plans townhomes in Harbor Gateway
Irvine-based Nerja razes residences, commercial buildings on 34,000 sf site
An Irvine-based developer has cleared away small homes and commercial buildings to make way for 22 townhomes in Harbor Gateway.
Nerja Investments, a building firm run by Steven Stepakis and doing business as Vermont Villas, has begun construction at 15812 S. Vermont Avenue, according to Urbanize LA.
Pathema Studio, also known as MOCC Group, based in Downey, is affiliated with the project. Pathema is owned by Carl Chavez.
Nerja acquired the roughly 33,800-square-foot site for around $2.1 million in 2006, according to Los Angeles County Assessor’s records. The project has been in the pipeline since 2016.
Similar townhome-style projects are underway in neighboring Gardena, Urbanize reported.
In Los Angeles and across the nation, supply-chain backlogs are causing massive delays in new home construction and sending prices soaring to record levels. The average cost of a newly built U.S. home hit a record $416,900 in November — up almost 19 percent from a year earlier.
In L.A., the lack of available homes has kept prices high. The median home sale price in L.A. County last August was $680,000. Signed contracts dipped for a second straight month in September, to 5,087 single-family homes and condos, as the housing inventory shortage continued to cut into sales.
[Urbanize LA] – Dana Bartholomew