Fifteen Group Land & Development LLC Submits Application to Begin Redevelopment of Wyvernwood Garden Apartments

Los Angeles – June 2, 2008 – Fifteen Group Land & Development LLC announced today an application has been submitted to the City of Los Angeles to redevelop the Wyvernwood Garden Apartments, a market rate-apartment complex in Boyle Heights.

The filing officially begins the multi-year public review process for City approvals to transform the 1930s era-apartments into a walkable, family-oriented community with modern amenities and a high quality design that promotes sustainability. The proposed project includes 4,400 residential units comprised of a minimum of 1,200 rental units and up to 3,200 condominium units. In addition, the project includes 325,000 square feet of neighborhood-serving retail, office and civic uses. Open space and recreational amenities include a civic plaza, an expansive central park, active parks, neighborhood greens, neighborhood playgrounds and landscaped courtyards and pathways.

“This is a project for Boyle Heights, for the people who live here today and those who wish to come back home to Boyle Heights,” said Fifteen Group Executive Vice President and Principal Steven Fink. “Over the past three years we have spent countless hours meeting with our residents and with the community to learn more about what they would do with a blank slate in their community — what would they keep, what would they change, and what do they need to make their lives better,” Fink explained. The plan submitted to the City includes feedback from dozens of meetings with the tenants, community stake holders, community-based organizations, City of Los Angeles planning officials, elected officials, and professional service firms over the past three years.

“We heard over and over again – our residents want safe, affordable housing; retail stores they can walk to; better, more useable parks and open spaces; and many want to stay in this community. Our plan builds upon those desires.”

The proposal submitted to the City includes a provision that ensures 15 percent of all new residential units on the project site are designated as covenanted affordable housing for a 30-year period at Very Low and Low Income levels as established by and in accordance with the City of Los Angeles Housing Department standards.

Construction of the proposed project is expected to occur in five phases, commencing in 2011 and ending in 2020. The extensive phasing plan was created to provide existing tenants in good standing a choice to either (1) temporarily relocate to existing units within the site during new construction and have priority status to move into new housing upon the completion of construction, or (2) receive relocation benefits pursuant to the City of Los Angeles Housing Guidelines. Tenants will not be asked to relocate until units are scheduled for construction.