Panorama City will add another development to rapid resi rise
A 104-unit project will include a significant number set aside as affordable
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.