VG News

Media coverage, press relations, on-going real estate development activity by the company, and issues of importance to the communities we partner with through our work, is given voice in this NEWS section.

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Magic City renderings_April 11, 2022

April 11, 2022

Published by: Construction Review Online

Magic City Innovation District is a large multi-building transit-oriented mixed-use mega-development proposed for Little Haiti in Miami. The project consists of 17 pieces of property across numerous blocks, largely between Northeast 2nd Avenue and Northeast 4th Court, with Northeast 59th Terrace serving as the southern-most cross street and Northeast 64th Terrace serving as the northern-most roadway.


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arts club west hollywood 6

April 8, 2022

Published by: URBANIZE Los Angeles

Four years after it was approved, a plan to build a West Hollywood outpost of London’s Arts Club on the Sunset Strip is moving forward – with tweaks.

The project approved by the West Hollywood Planning Commission in 2018 had called for the construction of a nine-story, 120,000-square-foot building at 8920 Sunset Boulevard – formerly the site of a Hustler Store. At the time, plans called for a member’s club accompanied by office space, ground-floor commercial uses, and a public art gallery, seated atop five levels of automated basement parking with a maximum capacity of 351 vehicles.


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Bel-Air property

March 16, 2022

Published by: Wall Street Journal

Designed by California megamansion architect Paul McClean, the six-bedroom Bel-Air mansion includes a tri-level waterfall feature that flows into a reflecting pool, a swimming pool, a large outdoor deck, a gym and wellness area, a 20-person theater and a temperature-controlled wine room, according to the listing. The property was listed for $41 million.


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March 2, 2022

Published by: The Real Deal / Los Angeles

Commercial and residential developer Vella Group has sold a newly-built mansion in Bel Air in one of the most expensive home sales in Los Angeles so far this year.


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660 mesquit 2021 1

December 31, 2021

Published by: URBANIZE Los Angeles

To close out the year, the Los Angeles Department of City Planning has published a draft environmental impact report for 670 Mesquit, Vella Group’s proposed mixed-use, high-rise complex along the east bank of the L.A. River.


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December 7, 2021

Published by: The Real Deal / Los Angeles

Dec. 7, 2021, 12:25 p.m.: The headquarters of Amazon’s home security arm Ring in Hawthorne has sold for around $65 million — more than $1,000 per square foot, The Real Deal has learned.

It’s a high-water mark for the local office market lately. It matches a top price in Los Angeles County for the third quarter, which was Excelsior Partners’ sale a 52,000-square-foot office property in next-door El Segundo for $52 million.

Los Angeles-based IDS Real Estate bought the 62,000-square-foot office property at 12515 Cerise Avenue, which was built by developer Zach Vella, according to CBRE’s Kevin Foley, who brokered the deal.


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December 2, 2021

Published by: Miami Today

The very first building proposed to launch a major mixed-use project destined to change Little Haiti gained the support of the City of Miami’s influential Urban Development Review Board.

At its November meeting the board unanimously recommended approval of what’s identified as Parcel 11, part of the Magic City Innovation District – Little Haiti SAP (Special Area Plan).


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670 Mesquit condos

November 22, 2021

Published by: BuzzBuzzHome

670 Mesquit Condos is a new condo development by Vella Group currently in preconstruction at 670 Mesquit Street, Los Angeles. The development is scheduled for completion in 2022. 670 Mesquit Condos has a total of 308 units.


InsideHook
Soho-House

November 19, 2021

Published by: InsideHook

As Los Angeles (and all of California) has gone beyond the color-tiered system of ranking COVID-19 levels and has returned to allowing businesses, venues, restaurants and bars to open without restrictions, private social clubs — the hottest places to be before the pandemic hit — are once again emerging. Some are a bit battered, others have succumbed and closed permanently, a few have thrived and one has sprung to life just as vaccinations open our city back up.


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13007-Yukon-FRONT-FACADE--e1631548344851

September 14, 2021

Published by: Commercial Observer

The properties and the undeveloped parcel are all located in Hawthorne and Carson, Calif., within the Los Angeles metropolitan area. The four developed assets comprise a combined 206,333 rentable square feet and are currently 95 percent leased out, according to MRC.

The one asset in Carson — a neighborhood straddled by Compton to the north and Long Beach to the south — is a light industrial site at 1010 Sandhill Avenue that is completely leased out to energy infrastructure firm Chanje Energy.

The three other built properties are in Hawthorne. There is 12536 Chadron Avenue, a light industrial and flex property that’s occupied by Venturi Astrolab, an aerospace engineering and manufacturing firm and division of Venturi Automobiles; 13100 Yukon Avenue, a flex industrial property that is currently leased to a Nerd Street Gamers esports training center, aerospace wireless laser communications manufacturer Mynaric Inc., and sustainable mens and womens clothing brand For Days; and 13040 Cerise Avenue, a one-story complex that is leased out to a mix of artists and musicians, according to MRC.

Vella Group’s development site at 13007 Yukon Avenue in Hawthorne was the last piece of the portfolio, and it will eventually host a roughly 50,000-square-foot light industrial space, according to MRC. The firm is aiming at completing the property in the latter half of 2023.