Real estate agents know when a property is in need of an update. Sometimes a fresh lick of paint will do the trick, while other times it’s advisable to tear down and start from scratch.
It appears the team at the California Association of Realtors (CAR) has decided to demolish their existing headquarters at 525 South Virgil Avenue in Rampart Village and replace it with a mixed-use community of condominiums, rental apartments and commercial office space.
CAR purchased the 56,000-square-foot office building in 1980 for around $1 million. It was originally constructed in 1965 and was designed in the modernist style. Redevelopment plans call for the addition of 46 for-sale condominiums, 84 rental apartments and commercial offices, including CAR’s brand new headquarters, according to a spokesperson for the company.
CAR is seeking Transit Oriented Communities (TOC) incentives due to the site’s proximity to the Wilshire/Vermont subway station.
In a statement provided to The Real Deal, CAR President Jeanne Radsick specified that the mixed-use project will add to the supply of workforce housing for public sector employees, such as teachers and firefighters, who are frequently priced out of the communities where they work.