LaTerra Development is a

Los Angeles Los Angeles ( ; es, Los Ángeles, link=no , ), often referred to by its initials L.A., is the largest city in the state of California and the second most populous city in the United States after New York City, as well as one of the world' ...

based

real estate development Real estate development, or property development, is a business process, encompassing activities that range from the renovation and re-lease of existing buildings to the purchase of raw Real Estate, land and the sale of developed land or parcels ...

and

investment company An investment company is a financial institution principally engaged in holding, managing and investing securities. These companies in the United States are regulated by the U.S. Securities and Exchange Commission and must be registered under the ...

. The firm develops and invests in real estate projects mainly in and around

California California is a U.S. state, state in the Western United States, located along the West Coast of the United States, Pacific Coast. With nearly 39.2million residents across a total area of approximately , it is the List of states and territori ...

History and Description

LaTerra Development was founded by Charles Tourtellotte in 2009, who is presently serving as the President and CEO of the organization. Chris Tourtellotte, son of Charles Tourtellotte is presently serving as the managing director of the firm. In 2015, El Monte City Council in collaboration with LaTerra Development announced the mixed-use residential-commercial project, the Garvey Square. 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". In September 2015, China's Gemdale Corp partnered with LaTerra with the aim to build a six-story residential and commercial complex near Sunset Boulevard in

Hollywood Hollywood usually refers to: * Hollywood, Los Angeles, a neighborhood in California * Hollywood, a metonym for the cinema of the United States Hollywood may also refer to: Places United States * Hollywood District (disambiguation) * Hollywood, ...

. During August 2016, LaTerra started the construction of two infill apartment projects totaling 325 units at Santa Ana and

Chula Vista Chula Vista (; ) is the second-largest city in the San Diego metropolitan area, the seventh largest city in Southern California, the fifteenth largest city in the state of California, and the 78th-largest city in the United States. The popul ...

, California. In April 2018, LaTerra entitled 'a mixed-use collection of townhomes' in Pacific Highlands Ranch,

San Diego San Diego ( , ; ) is a city on the Pacific Ocean coast of Southern California located immediately adjacent to the Mexico–United States border. With a 2020 population of 1,386,932, it is the List of United States cities by population, eigh ...

, the project was later sold to

KB Home KB Home is a homebuilding company based in the United States, founded in 1957 as Kaufman & Broad in Detroit, Michigan. It was the first company to be traded on the NYSE as a home builder and was a Fortune 500 company from 2000 through 2008. Its ...

. In April 2019, LaTerra announced the commencement of a multi-use project at

Burbank, California Burbank is a city in the southeastern end of the San Fernando Valley in Los Angeles County, California, United States. Located northwest of downtown Los Angeles, Burbank has a population of 107,337. The city was named after David Burbank, w ...

. 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. In June 2019, LaTerra launched two apartment complex projects namely Broadway & Cloverfield in

Santa Monica Santa Monica (; Spanish: ''Santa Mónica'') is a city in Los Angeles County, situated along Santa Monica Bay on California's South Coast. Santa Monica's 2020 U.S. Census population was 93,076. Santa Monica is a popular resort town, owing to ...

. In March 2019, LaTerra received the approval for the 96 unit apartment complex in Los Feliz as part of a 246 unit assemblage. In June 2019,

Orange County Register ''The Orange County Register'' is a paid daily newspaper published in California. The ''Register'', published in Orange County, California, is owned by the private equity firm Alden Global Capital via its Digital Fiest/Media News subsidiaries. ...

reported that LaTerra's new apartment project in Santa Ana was sold for $101 million or $445,000 per unit. In June 2020, LaTerra Development initiated a joint venture with QuadReal Property Group where the latter invested US$250 million. 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. ''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.

References

{{reflist Real estate companies of the United States Construction in the United States Housing in the United States