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Developer buys L.A. site for mixed-use project

 Developer buys L.A. site for mixed-use project

September 16, 2012

Source :: Los Angeles Times
Date :: 09.16.2012
By :: Roger Vincent

Developer Sonny Astani has bought property on Wilshire Boulevard west of downtown Los Angeles where he plans to build a $60-million apartment and retail complex. 

The six-story, 220-unit development called the Valencia will rise at the northwest corner of Wilshire and Valencia Street, Astani said. He paid Horacio Carlos Vignali $7.6 million for the 1.5-acre site now occupied by vacant commercial buildings and a parking lot. 

Work on the Valencia is set to begin in April and be finished by the end of 2014. The building will have shops and restaurants on the ground floor and a swimming pool and deck on the roof, Astani said. 

The site is across the street from John H. Liechty Middle School and between Good Samaritan Medical Plaza and a Home Depot store.

In 2006, Astani built a 200-unit condominium building called Vero a block east of the Valencia site. The Valencia will be similar to the Vero, he said. 

Astani is chairman of Astani Enterprises Inc. in Beverly Hills, which has 1,800 units under development in downtown, Koreatown and Hollywood.