The Nw Wyvernwood

Transforming Wyvernwood Apartments to make a vibrant new Boyle Heights.

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For Immediate Release

Resident Retention Plan Offers Commitments to Wyvernwood Tenants

The plan will ease current residents’ transition into the upgraded project, maintain existing rent scales in new units

LOS ANGELES (March 9, 2011) — The owner of Wyvernwood Garden Apartments today unveiled a Resident Retention Plan that makes a range of commitments to current residents on such key topics as rent levels and housing access once the site is modernized and upgraded.

Based on input from a wide range of residents, community leaders and housing experts, the plan reflects the desire of Wyvernwood owner Fifteen Group to preserve the existing tenant mix and community ties at the site and ease the transition into the new project.

The redevelopment project calls for a modernized, sustainable and secure mixed-use living center on the 69-acre site with up to 4,400 housing units, 10 acres of professionally maintained open space, high-quality retail destinations, civic space and offices. Although apartments at the new site will be larger and feature many more amenities than current Wyvernwood units, which are limited to one bathroom and lack adequate parking, sewer or electrical capacity, the Resident Retention Plan makes clear that rent for existing tenants will not exceed the amount residents would pay for their units at the current site.

In addition:

  • Residents with existing leases and low incomes will be given “first in line” priority to live in rental units designated as affordable housing.
  • Residents with existing leases will also be given “first in line” priority to buy a unit in the new project. 
  • Residents with existing leases can also choose to take a relocation payment (in accordance with the Los Angeles Rent Stabilization Ordinance), currently set at $18,300, and move away or use the payment as a down payment on a unit.
  • All residents will receive at least one-year’s notice before being required to leave their current unit.

 

“It’s the people who make Wyvernwood such a distinctive and vibrant community in Boyle Heights. It is our great hope that residents living here today remain with us once the modernized and upgraded site opens its doors,” said Fifteen Group Executive Vice President and Principal, Steven Fink. “After consulting with experts and members of the public, we designed this plan to make our commitment to this neighborhood crystal clear.”

The Resident Retention Plan is one of many features of the new project shaped by a series of more than 100 community meetings held with members of the public and local community groups and civic organizations. Flyers explaining the plan were distributed to each Wyvernwood apartment in the fall of 2010.