140 Units – $700,000+ Each – with
2 Multi-Level Parking Structures
Bonin originally called for “up to 90 small units” on the Venice Median Lot, but the project has since grown to 140 units for 500 residents, with two separate multi-level parking structures – one on each side of the Grand Canal – and more than 10,000 square feet of ground floor “social enterprise” space for operations like Homeboy Industries that got their start on Skid Row or are otherwise affiliated with homelessness programs. VCH estimates that each unit will cost at least $340,000 to build – for a total of more than $700,000 including conservative estimates of land value. The median price of a home in Los Angeles County is about $540k.
45-Feet Tall in Places with Minimal Setbacks & Virtually No Ground-Level Green Space
VCH and HCH intend to seek RAS3 zoning for parts of the project, which will allow them to build up to 45 feet in places (50% higher than 30-foot height limit generally applicable to adjacent residential structures) and plan to get to 35 feet in other places by varying the roof line. RAS3 zoning only requires 5-foot setbacks so all green space will be on the roof of the parking structures, which, if VCH has its way, will not be accessible to the public but will afford residents an ocean view.