Quantcast

The Real Deal Los Angeles

Hankey’s Sun Valley resi project will be 3rd major development in 3 years

The company wants to build a 432-unit complex to go with its nearly 1,300 units of housing in DTLA and Koreatown
By Dennis Lynch |
Research by Haru Coryne
February 08, 2019 09:00AM

Hankey Investment Company Chairman Don Hankey

Hankey Investment Company has more plans to build big, this time in Sun Valley.

The Wilshire firm filed an application for a 432-unit mixed-use project with 40,000 square feet of retail and community and recreation room space. The retail space will include two restaurants, split between 8,000 square feet.

The development will be called Lankershim Crossing, and would include 48 units rented below market rate. It would be built on a 4.6-acre spread of four lots, the bulk of which was a plant nursery at 7940 N. Lankershim Boulevard. Sun Valley is north of North Hollywood in the San Fernando Valley.

Hankey purchased the properties in March 2018 for $12.8 million from Credit Suisse. It expects to complete the seven-story project by 2022.

This would be the third large-scale residential development that Hankey has either rolled out or opened in three years.

In 2017, Hankey it partnered with Jamison Services to develop a 644-unit complex at 2908 Wilshire Boulevard in Koreatown.

And last year, Hankey — again partnering with Jamison — opened the upscale Circa development in Downtown L.A., which has 648 units. The two-tower, $500 million development is located at 1200 S. Figueroa Street. It began leasing in June and opened in October, with units that range from $3,000 a month for a one-bedroom, to $24,000 a month for a penthouse.