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The Real Deal Los Angeles

Icon’s revised $150M Panorama City project advances to City Council

The developer recently increased the number of units to 675, up from 422
By Natalie Hoberman | May 01, 2018 04:00PM

Rendering of ICON at Panorama City (Credit: Hochhauser Blatter Associates)

The Los Angeles City Planning Commission approved updated plans for the Icon Company’s mixed-use project in Panorama City last week, clearing a hurdle for the $150 million project, which went through three revisions before winning approval.

Icon received approval for 675 units and 60,000 square feet of commercial space at the nine-acre development, dubbed “The Icon at Panorama,” up from 422 units. The developer, led by principal Billy Ruvelson and known for building student housing developments, submitted its latest proposal for the property, located at 14651 – 14697 Roscoe Boulevard, in March.

The Panorama project will also include a six-level parking structure, retail stores and a 17,500-square-foot outdoor plaza.

The approved plan wasn’t what the Beverly Hills-based developer had first envisioned for the site, which is home to a long-vacant department store and two other commercial buildings.

Icon initially planned to build 350 apartments and 250,000 square feet of commercial space. The firm later bumped up the multifamily portion to 422 residential units, while dropping the commercial component to only 200,000 square feet a year later. The latest plan dropped the commercial space yet again, while increasing the number of units.

The commission signed off on the project with a few additional changes, including unbundled residential parking, a 10-percent reduction in residential open space, an ungated landscaped plaza and greywater systems, according to a representative from the Department of City Planning.

Architecture firm Hochhauser Blatter is designing the project, which was originally slated for completion in 2020.

Icon paid $18 million for the site, the Los Angeles Times previously reported. The company did not respond to requests for comment.