Rising Realty Partners is venturing north.
The development and investment firm led by Nelson and Chris Rising — known for its historical office restoration projects in Downtown Los Angeles — is getting ready to propose a massive mixed-use development with a residential component in the Simi Valley.
The developer firm plans to file a proposal with the Valley’s planning commission on July 26 for a project with 190 apartments, a 125-key hotel, a 400-person conference center and 70,000 square feet of flexible commercial space, the Simi Valley Acorn reported. The development, at 400 National Way, would be Rising Realty Partner’s first step into the Simi Valley.
If the project is approved, Rising will either designate about 25 percent of the units as affordable housing or pay an in-lieu fee to the city, according to the Acorn.
Rising acquired the 43.5-acre development site at 400 National Way in 2013. There is a 290,000-square-foot Bank of America building on the parcel that has been vacant for years.
If city’s planning commission greenlights the project this month, it will be presented to City Council for final consideration in August.
Rising expects to complete the project in two years. [Acorn] — Subrina Hudson