Developers plan to replace Valley auto shops with residential projects
Koreatown may have been the hottest multifamily submarket of 2016, but the San Fernando Valley is seeing its share of development love, too.
Developers filed plans for two new apartment complexes in the Valley, just north of Encino, according to recent city filings. They include a 170-unit building slated to rise at 7002 North Van Nuys Boulevard and a 108-unit property planned for 20126 West Sherman Way.
The Van Nuys project, filed by an entity tied to investor Alan Kleinman, calls for more than 2,000 square feet of ground floor commercial space. Kleinman’s LLC acquired the site, which is currently occupied by a car repair shop, for $3.5 million in November 2016, property records show.
The development would require a zone change from commercial to residential use. Of the 170 apartments, 18 would be set aside for low-income households, according to city documents.
The West Valley Auto Center filed plans Friday for the 108-unit mixed-use building on Sherman, which would also contain 1,800 square feet of retail. The auto center has owned the one-plus-acre property since 2002, when it purchased it for $1.55 million, according to property records.
The development would require demolition of the one-story car shop that occupies the lot as well as a zone change from commercial to residential.
If Measure S passes next week, both projects could be subject to a two-year development moratorium.