Question 2: Is it really financially feasible to rehabilitate Wyvernwood?
Yes. Similar garden apartment developments—Lincoln Place in Venice and Chase Knolls in Sherman Oaks, for instance—have undergone extensive rehabilitation and updates that maintain their historic buildings at a cost significantly less than what Fifteen Group estimates for Wyvernwood.
While no two projects are identical, construction and building conditions are very similar for these projects and Wyvernwood. So why does Fifteen Group claim that rehabilitating Wyvernwood would cost two to three times what it does elsewhere? Something does not add up.
Despite repeated requests, the Conservancy has not received an answer to why it would cost sixty-five percent more to rehabilitate than Lincoln Place. We believe that Fifteen Group’s financial model for estimating rehabilitation costs lacks transparency and is unsubstantiated.