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Fifteen Group to redevelop Wyvernwood complex in Los Angeles
Real estate-focused private investment firm Fifteen Group, in a project labor agreement (PLA) with the Los Angeles/Orange Counties Building & Construction Trades, will redevelop the Wyvernwood complex in Boyle Heights, Los Angeles.
Creating an important framework for the redevelopment effort, the $2 billion mixed-use redevelopment will include the revitalisation of the Wyvernwood complex with modern new workforce housing, retail offerings and significant open space.
Transforming an aging property into one of the great urban redevelopments in the country, the project has won support from a large majority of residents along with numerous community leaders and city-wide advocacy organisations.
The project protects residents, supports union labor, provides new job opportunities in Boyle Heights and offers significant affordable housing to low-income residents.