Prospect Villa
Prospect Villa is a seven-story mixed-use building with 75 homes and about 6,350 sq ft of ground-floor commercial, entitled since 2022 and financed since December 2025 but not yet under construction on a vacant corner at Garvey and Prospect in Rosemead.
Units
75
Affordable units
None identified in the reviewed record
Zoning
Garvey Avenue Specific Plan, rezoned GSP → GSP-MU
Site area
0.946 acres
Details
- Address
- 7539–7545 Garvey Avenue, Rosemead, CA 91770
- Case number
- Zone Change 21-01 / Specific Plan Amendment 21-01
- Stories
- 7
- Unit mix
- 17 two-bed live/work, 34 two-bed apartments, 4 two-bed loft live/work, 9 three-bed live/work, 10 three-bed apartments, 1 four-bed apartment
- Live/work units
- 30 of 75
- Commercial
- ~6,350 sq ft ground-floor commercial/retail
- Parking
- 147 spaces
- CEQA
- Mitigated Negative Declaration, SCH 2022020365; Notice of Determination filed 2022-04-13
- Financing
- $26M construction loan from Columbia Bank, closed December 2025; arranged by Quantum Capital Partners
- Landowner
- Del Mar Property LLC (Gerard Ngo)
Financed and ready, but not yet started
Prospect Villa is a seven-story mixed-use building with 75 homes and about 6,350 square feet of ground-floor commercial, on a vacant 0.946-acre corner at Garvey and Prospect in Rosemead. Thirty of the 75 units are live/work. Rosemead approved it in April 2022. Nothing happened for three and a half years. Then in December 2025, The Connected Companies closed a $26 million construction loan from Columbia Bank, and the project was reported ready to start.
What's proposed
- 75 units on 0.946 acres — about 79 units per acre
- 30 of 75 units are live/work — 40% of the building
- 17 two-bed live/work, 34 two-bed apartments, 4 two-bed loft live/work, 9 three-bed live/work, 10 three-bed apartments, 1 four-bed apartment
- 147 parking spaces, just under two per unit
The gap between entitlement and financing
The three-and-a-half-year gap between entitlement and financing is the most honest thing on this timeline, and also the normal thing — entitlements in 2022 met an interest rate environment that made construction debt expensive, and a lot of approved valley projects sat exactly like this one until capital came back. Two legislative entitlements were required: a zone change and a specific plan amendment moving the parcels from GSP to GSP-MU, adopted by the City Council as Ordinance No. 1008 rather than a commission resolution.
Entitled since 2022, financed since December 2025, not yet under construction. Eight months after the loan closed, no building permit issuance or groundbreaking has been verified against a city record, and the most recent secondary coverage still describes the site as vacant. Developer social posts describing excavation underway and citing 97 units are unconfirmed — five independent sources (Urbanize LA, LA YIMBY, The Real Deal, REBusinessOnline, Kidder Mathews) all report 75 units, and the 97 figure has no basis beyond the project's 97,775-square-foot total floor area.
What this means if you live nearby
Seven stories is going up on a corner that has been vacant. Once it starts, construction on a lot this tight means street impacts on Garvey and Prospect for the duration. Ground floor will be about 6,350 square feet of commercial, plus 30 units where people can run a business from home.
Team
Source (ceqa-notice): https://ceqanet.lci.ca.gov/2022020365 · retrieved 2026-08-11 · last verified 2026-08-28