Palm Trees Removed at 410 N. Rossmore

Five mature palm trees were removed at 410 North Rossmore this week because they were damaging the retaining walls next to the driveway, Greg Potikyan, Asset Manager for building owner ESI Ventures,  told the Buzz today. At this point those are the only trees scheduled for removal, but landscape plans have not been finalized, said Potikyan.

“The owner wants to make a successful building out of this renovation that caters to the community,” said Potikyan. “We plan to preserve as much as possible; to preserve the look of the art deco building that gives you that historic perspective. How that vision is achieved I don’t know yet, we don’t have the construction plans or a schedule.”

ESI Ventures purchased the 78-unit building in January 2021 for $29 million, partnering with Domos CoLiving. Initially, the developers announced plans to transform the 1930s 5-story apartment building into a 9-story, 87-unit structure with 54 single and one-bedroom apartments, along with 33 new “co-living” units, in which 4-5 individually-rented bedrooms are arranged around a common kitchen and living room area.

But construction permits for that design were never approved. In November 2021, Richard Loring, Associate AIA, VP Development, ESI Ventures told the Buzz the company had shelved the plans and was considering selling the building.

Over the past three years, the Buzz has reported on ESI’s efforts to empty the building of tenants in anticipation of a major renovations, though no construction permits have ever been issued and no plan to relocate the current tenants has ever been filed with the city, as required by Los Angeles’ Rent Stabilization Ordinance.

In April 2022, Loring notified tenants the building owners were continuing to work on securing building permits, but had also “decided, in conjunction with CD5, to work with two non-profit organizations [Peace4Kids, which assists young people aging out of the foster system, and Tiny Town CA, which helps single mothers with young children] to offer housing to folks that are currently unsheltered or living in housing that is not secure.” At the time, CD5 staff told the Buzz they were never briefed on the plans. When we followed up, Loring told us he no longer had any connections to the project, though Potikyan said Loring still resides in the building.

Last September, the remaining longtime tenants were notified they would no longer be permitted to park in the building because construction was imminent. CD5 Councilmember Paul Koretz’s office weighed in with the City of LA Housing Department, and tenants continued to be allowed to park in the building. A few months later, though, in November 2022, tenants were told they would be relocated to other units in the building while the building owner made “light renovations and improvements” to the building.

Today, Potikyan told the Buzz, that plan remains an option, but they are still awaiting construction permits for the renovation of 63 unoccupied units, and they now have no plans to renovate the occupied units. We observed construction activity in a number of units when we toured the building in February of this year, with a group of tenants and a representative of the LA City Housing Department.

“Adaptive reuse projects take time,” explained Potikyan. “The idea is to complete the project within six months to a year. We are still working on getting permits, which we hope to have in the next two to three months. We are still dealing with the city and the utility company, and have no idea when we will complete the project.”

[Editor’s note: 410 N. Rossmore does not seem to fit the definition of an adaptive reuse project, because it will continue to be used for housing, the original purpose for which it was built.]

Recently, ESI Ventures announced it had secured $37.7 million in bridge financing from MF1 Capital to help the owner reposition and renovate the building, according to Commerical Observer.