Mosaic Investment Partners has secured construction financing for a $56-million ground-up development located a short walk west of the USC campus.
The project, called Tessera, is rising from a roughly 18,800-square-foot property located at 1069 W. Exposition Boulevard, just west of Expo/Vermont Station. Plans call for a new seven-story building which will feature 53 residential units in a mix of studio, one-, two-, and three-bedroom floor plans, totaling 260 beds. Plans also call for amenities including a rooftop deck with a pool, a second-level courtyard, a fitness center, a computer room, and a dog park.
Permit records indicate that the building will also include ground-floor commercial space and six units of extremely low-income affordable housing.
"Tessera will provide USC students with a unique blend of luxury, convenience, and community," said Mosaic Investment Partners co-owner George Alva in a news release. "We brought in an award-winning architect and a high-end design firm that specializes in luxury homes in Malibu and Pacific Palisades to help us create what we expect to be a stunning, world-class building..."
While SVA Architects provided the entitlement design for the project, the referenced design firm is Sorensen Architects, which is best known for its work on single-family residences. Renderings portray Tessera as a contemporary podium-type building.
Tessera is being developed as a joint venture with HC2 Capital, and secured financing from Calmwater Capital. The project, which is intended to cater to students, is on pace for completion in Spring 2025.
The project site is the latest in a recent string of new mixed-use and multifamily residential developments near Expo/Vermont Station, including a smaller 15-unit apartment building with ground-floor retail that was completed next door in 2021.
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- 1069 W Exposition Boulevard (Urbanize LA)