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LaTerra Development

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LaTerra Development
Company typePrivate
IndustryReal Estate Development Company
Founded2009
Headquarters
Los Angeles
,
US
Key people
Charles Tourtellotte, CEO, President
Chris Tourtellotte, Managing Director
Websitelaterradev.com

LaTerra Development is a Los Angeles based real estate development and investment company.[1][2][3][4] The firm develops and invests in real estate projects mainly in and around California.[5][6][7]

History and description

[edit]

LaTerra Development was founded by Charles Tourtellotte in 2009, who is presently serving as the President[8] and CEO of the organization.[9][10] Chris Tourtellotte,[11] son of Charles Tourtellotte is presently serving as the managing director of the firm.[12] In 2015, El Monte City Council in collaboration with LaTerra Development announced the mixed-use residential-commercial project, the Garvey Square.[13][14] The project was the first project under the City Council's "new mixed-multi use zoning and development regulations adopted in 2011 for the Garvey Corridor".[15][16] In September 2015, China's Gemdale Corp partnered[17] with LaTerra with the aim to build a six-story residential and commercial complex near Sunset Boulevard in Hollywood.[18][17][19][20][21] During August 2016, LaTerra started the construction of two infill apartment projects totaling 325 units at Santa Ana and Chula Vista, California.[22] In April 2018, LaTerra entitled 'a mixed-use collection of townhomes' in Pacific Highlands Ranch, San Diego, the project was later sold to KB Home.[23] In April 2019, LaTerra announced the commencement of a multi-use project at Burbank, California.[24] The Project was named as LaTerra Burbank and it included 573 apartments in two towers and a seven-story, 307-room hotel with a total worth of US$375 million.[12][25] In June 2019, LaTerra launched two apartment complex projects namely Broadway & Cloverfield in Santa Monica.[26] In March 2019, LaTerra received the approval for the 96 unit apartment complex in Los Feliz as part of a 246 unit assemblage.[27]

In June 2019, Orange County Register reported that LaTerra's new apartment project in Santa Ana was sold for $101 million or $445,000 per unit.[28][29] In June 2020, LaTerra Development initiated a joint venture with QuadReal Property Group where the latter invested US$250 million.[30][31][7]

In July 2020, LaTerra started a redevelopment project in West Hollywood area, in the location of Madison Car Wash, a vintage car wash facility established in 1964.[32] The West Hollywood Preservation Alliance claimed historical significance in the existing two-story building car washing facility of the Madison Car Wash, which was designed following neo-Googie style. Though West Hollywood Daily News reported "the historic value was not enough to save the vintage car wash" and accordingly the structures were dismantled and a 71 apartment units and 8700 Sf of retail is under construction in its place.[33][34][35][36]

References

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  1. ^ "Jamison Services | Koreatown | 3100 West 8th Street". The Real Deal Los Angeles. 2016-09-01. Retrieved 2021-06-23.
  2. ^ Reiher, Andrea (2019-12-29). "'Flirty Dancing' Cast & Host Spoilers". Heavy.com. Retrieved 2021-06-23.
  3. ^ "Company Lobbying in Los Angeles Dipped in Third Quarter to $16.2 Million | Los Angeles Business Journal". labusinessjournal.com. 20 December 2017. Retrieved 2021-06-23.
  4. ^ Stateman, Alison (September 10, 2018). "Oron Maher Leaves BRC to Launch Namesake Brokerage". Commercial Observer. Retrieved 2021-06-23.
  5. ^ "Milestone and LaTerra to Develop La Mirada Multifamily Project". Milestone Partners. 2019-11-22. Retrieved 2021-06-23.
  6. ^ "Carlee Carpio Joins LaTerra Development To Bring Innovative Design and Amenities To Company Multifamily Projects in Southern California". PRWeb (Press release). Retrieved 2021-06-23.
  7. ^ a b "LaTerra Development and QuadReal Launch $250M Los Angeles Build to Core Multifamily Joint Venture". Business Wire (Press release). 2020-06-10. Retrieved 2021-06-23.
  8. ^ "3rd Annual Real Estate Private Equity Forum on Land & Homebuilding (West) (October 14th, 2015)". Information Management Network. Retrieved 2021-06-23.
  9. ^ "Experts Explain Why Investors, People Drawn To LA's Eastside". Bisnow. Retrieved 2021-06-23.
  10. ^ Aygoren, Sule (November 7, 2018). "Real Estate Forum's 50 Under 40 2018". GlobeSt. Retrieved 2021-06-23.
  11. ^ "Multifamily Developer LaTerra Is Thinking Big | Los Angeles Business Journal". labusinessjournal.com. 9 August 2020. Retrieved 2021-06-23.
  12. ^ a b "A big Burbank apartment-hotel project moves forward with a $40-million land sale along the 5 Freeway". Los Angeles Times. 2020-06-11. Retrieved 2021-06-23.
  13. ^ "Mid Valley News July 6, 2016". Issuu. 6 July 2016. Retrieved 2021-06-23.
  14. ^ "Crossover Appeal Fuels Bridge Plan for Buildings". labusinessjournal.com. 30 June 2016. Retrieved 2021-06-23.
  15. ^ "City Gets Boost from Economic Development Projects". El Monte City Council.
  16. ^ "Latest El Monte mixed-use development gets started". San Gabriel Valley Tribune. 2015-02-07. Retrieved 2021-06-23.
  17. ^ a b "China's Gemdale Partners With La Terra For Los Angeles Project". finews.asia. 2015-10-03. Retrieved 2021-06-23.
  18. ^ "Big Chinese developer plans apartment-and-retail complex in Hollywood". Los Angeles Times. 2015-09-25. Retrieved 2021-06-23.
  19. ^ "Gemdale Corp | La Terra Development | Hollywood Multifamily". The Real Deal Los Angeles. 2016-04-07. Retrieved 2021-06-23.
  20. ^ Sloan, Katie (2015-09-29). "China-Based Developer to Partner With LaTerra on $125M Mixed-Use Project in Hollywood". REBusinessOnline. Retrieved 2021-06-23.
  21. ^ "Chinese developer Gemdale buys rental complex in Valencia". GPAM. 2018-01-29. Retrieved 2021-06-23.
  22. ^ "LaTerra Development Breaks Ground on Two Infill Apartment Projects in Santa Ana and Chula Vista". Business Wire (Press release). 2016-08-22. Retrieved 2021-06-23.
  23. ^ Jennewein, Chris (2018-04-20). "New Homes Opening in Olivenhain and Pacific Highlands Ranch". Times of San Diego. Retrieved 2021-06-23.
  24. ^ "Proposed mixed-use development in Burbank, including a 7-story hotel, up for public review". Burbank Leader. 2019-04-10. Retrieved 2021-06-23.
  25. ^ "LaTerra Development Acquires 7 Acres in Burbank". CoStar. 2020-06-12. Retrieved 2021-06-23.
  26. ^ Borl, Kelsi Maree (June 27, 2019). "LaTerra Launches Two Apartment Projects in Santa Monica". GlobeSt. Retrieved 2021-06-23.
  27. ^ "Los Feliz | LaTerra | Hollywood Boulevard". The Real Deal Los Angeles. 2019-03-08. Retrieved 2021-06-23.
  28. ^ "Real estate news: Santa Ana apartments under construction sell for $101 million, or $445,000 per unit". Orange County Register. 2019-06-14. Retrieved 2021-06-23.
  29. ^ "LaTerra Development Completes And Sells Its Stone Creek Apartments In San Diego For $33 Million". markets.businessinsider.com. Retrieved 2021-06-23.
  30. ^ "LaTerra Sets $250 Million Multifamily Joint Venture". Los Angeles Business Journal. 14 June 2020. Retrieved 2021-06-23.
  31. ^ Ross, Todd (June 12, 2020). "LaTerra Development, QuadReal Launch Los Angeles Multifamily JV". GlobeSt. Retrieved 2021-06-23.
  32. ^ "7616 Santa Monica Blvd | LaTerra | Madison Car Wash". The Real Deal Los Angeles. 2018-07-27. Retrieved 2021-06-23.
  33. ^ "Madison Car Wash WeHo Was Demolished this Week to Make Way for Mixed-Use Development - WeHo Times West Hollywood Daily News, Nightlife and Events". 2020-07-24. Retrieved 2021-06-23.
  34. ^ "Developer trading soap suds for mixed-use project in West Hollywood". GPAM. 2018-07-27. Retrieved 2021-06-23.
  35. ^ "Multifamily Communities coming to Burbank & West Hollywood". La Murga. 2020-06-17. Retrieved 2021-06-23.
  36. ^ "Phase II Subsurface Investigation Report". 7617 Santa Monica Boulevard, West Hollywood, California 90046, WeHo Investors, LLC.
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