Panorama City will add another development to rapid resi rise

A 104-unit project will include a significant number set aside as affordable

Los Angeles /
Jun.June 05, 2019 10:19 AM
8130-8146 Van Nuys Boulevard is slated for redevelopment
8130-8146 Van Nuys Boulevard is slated for redevelopment

A consortium of developers wants to add another multifamily complex to Panorama City’s growing residential market, this one with a significant number of units set aside as affordable.

Plans call for a 104-unit complex at 8130-8146 N. Van Nuys Boulevard, property records show. Among the individuals who own the property are Bob Kashani of Sterling Enterprises, attorney Farzad Sean Rahbar, and Massoud and Fariba Sinai, records show. They purchased the two lots a total of $3.3 million.

The complex is planned as a Transit Oriented Communities project, meaning the developers are including affordable units in exchange for density bonuses and other incentives.

The developers intend to set aside 24 units as affordable, about a quarter of the total. That’s significantly more than what developers usually do. PLans also call for 1,755 square feet of commercial space.

The project is across from the Panorama Tower, an office tower that has stood empty since the 1994 Northridge earthquake. Developer Izek Shomof is converting the property into a residential and retail building.

Van Nuys Boulevard is a central stretch in Panorama City. Last year the Los Angeles City Council approved the 623-unit Icon at Panorama development farther north. A smaller 24-unit project is also planned north of Icon at Panorama.

L.A. has been weighing a rezoning in Panorama City to encourage further residential development.


Related Articles

arrow_forward_ios
Neil Shekhter (Shekhter by Kevin Scanlon; iStock)

Santa Monica mega-portfolio officially hits market

Santa Monica mega-portfolio officially hits market
Nick Nashanian filed plans for a new apartment complex at 5953 North Hazeltine Avenue in Valley Glen. (LinkedIn; Google Maps)

Developer plans Valley Glen apartment complex with affordable component

Developer plans Valley Glen apartment complex with affordable component
Sola CEO and founder Martin Muoto. (Google Maps)

Sola Impact plans 84-unit apartment project in South LA

Sola Impact plans 84-unit apartment project in South LA
The lot at 3200 S. La Cienega Boulevard in West Adams. (Google Maps)

Developer files for 254-unit West Adams complex

Developer files for 254-unit West Adams complex
Rendering of 1411 South Flower Street (Housing Diversity Corporation)

Micro-housing to rise in DTLA Opportunity Zone

Micro-housing to rise in DTLA Opportunity Zone
NMS Properties' Neil Shekhter and renderings of 1325 6th Street, 1437 6th Street, 1430 Lincoln Blvd. and 1318 Lincoln Blvd. in Santa Monica (Kevin Scanlon, WSC)

City for sale: Shekhter looks to unload mega-portfolio in Santa Monica

City for sale: Shekhter looks to unload mega-portfolio in Santa Monica
300 S. Santa Fe Ave. (Google Maps)

LA’s top 5 multifamily investment sales of 2020 fell 50%

LA’s top 5 multifamily investment sales of 2020 fell 50%
Sean Burton and a rendering of the project (Cityview, Humphreys & Partners Architects)

Cityview secures funding for nearly 300-unit complex near USC

Cityview secures funding for nearly 300-unit complex near USC
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...