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

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