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The Distress Record: Multifamily woes continue for some of the biggest players
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Parkview Financial pitches 211 apartments in Canoga Park
Defunct shopping center would come down to make way for eight-story complex
An affiliate of Parkview Financial wants to level a graffiti-covered shopping center in Canoga Park to build 211 apartments.
PR2020, the affiliate of the Brentwood-based real estate lender, has filed plans to build the eight-story complex at 22015 West Vanowen Street, Urbanize Los Angeles reported. The defunct three-story retail center would be demolished.
The project would be built west of Topanga Canyon Boulevard, catty-corner from the Westfield Topanga mall.
Plans call for a 90-foot-tall complex with 211 apartments, clad in painted plaster and metal, with a 1,200-square-foot cafe and parking for 137 cars.
The developer would use Transit Oriented Community incentives to build a larger building than local zoning rules allow in exchange for 26 affordable apartments for very low-income households.
It would be built west of the G Line Busway and a six-story, 154-unit building under constrution at 6801 Canoga Avenue, according to Urbanize.
A Frank Gehry-designed entry pavilion to the L.A. River bike path broke ground last year at Bassett Street and Alabama Avenue, east of Canoga Park High School.
Private Financial, a private real estate lender, loaned $28 million to Los Angeles-based Sandstone Properties in late 2022 for its proposed 35-story, 650-unit apartment highrise and four-story hotel conversion at 6400 Canoga Avenue in Woodland Hills’ Warner Center.
— Dana Bartholomew
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