Developer wants 71-unit complex to rise in Van Nuys Opportunity Zone

Beverly Hills-based Crown Royal Developers will set aside a portion of the units for extremely low-income residents

Los Angeles /
Jan.January 16, 2020 03:29 PM
14518-14526 Erwin Street (Credit: Google Maps)
14518-14526 Erwin Street (Credit: Google Maps)

Local firm Crown Royal Developers has filed plans for a 71-unit apartment complex in Van Nuys, with eight units set aside for extremely low-income residents.

The Beverly Hills-based company wants to build the 78-foot complex at 14518-14526 Erwin Street, just west of Van Nuys Boulevard, according to plans filed with the Los Angeles City Planning Department. The site is located in a federal Opportunity Zone, which provides tax incentives for long-term investors who pour money into projects in distressed areas. The Treasury Department just opened an investigation into the program, following media stories that raised questions about who was benefiting from the program.

Crown filed its plans with Santa Monica-based architecture firm Minarc through an LLC. The signatory is Asaf Glazer, president of Crown Royal Developers.

Van Nuys has seen some activity in the affordable housing arena lately. In September, prolific affordable housing developer Skid Row Housing Trust announced plans to expand into Van Nuys, with a 64-unit apartment building for low-income or very low-income tenants.

California and L.A. in particular continue to grapple with the lack of affordable housing. Gov. Gavin Newson recently threatened to withhold state transportation funds from municipalities if they fail to meet new housing production targets.


Related Articles

arrow_forward_ios
Greystone's Hafize Gaye Erkan with 1657 N. Western Avenue (Greystone)
Bond financing kickstarts affordable senior housing complex in Hollywood
Bond financing kickstarts affordable senior housing complex in Hollywood
Mayor Sue Himmelrich (City of Santa Monica, Getty)
Santa Monica moving to tighten rent control rules
Santa Monica moving to tighten rent control rules
California governor Gavin Newsom and state senator Scott Wiener (Getty)
Analysis: Report puts California housing shortage in national perspective
Analysis: Report puts California housing shortage in national perspective
Architect Frank Gehry and rendering of Ocean Avenue Project (Getty, Ocean Avenue Project)
Santa Monica approves Frank Gehry project
Santa Monica approves Frank Gehry project
Uncommon Developers’ Jason Larian and Ryan Hekmat with a rendering of 6728 Sepulveda Boulevard (LinkedIn, Works Progress Architecture)
Uncommon Developers plans 405-unit complex in Van Nuys
Uncommon Developers plans 405-unit complex in Van Nuys
CIM Group’s Shaul Kuba with 6611-6637 Hollywood Blvd
CIM Group plans 146 apartments on Hollywood’s Walk of Fame
CIM Group plans 146 apartments on Hollywood’s Walk of Fame
A rendering of SkyVillage Hollywood (Cunningham/ABS Properties)
Developer plans 26-story affordable senior complex in Hollywood
Developer plans 26-story affordable senior complex in Hollywood
State Senator Anthony J. Portantino (Getty Images, iStock)
State awards $23M for affordable housing in Burbank, Glendale, Pasadena
State awards $23M for affordable housing in Burbank, Glendale, Pasadena
arrow_forward_ios

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

Loading...