Hidden Villas, a limited liability company owned by Vigen and Roselyn Haroutunian, filed an application on May 9 to demolish 10 residential units, seven of which are affordable, and construct 168 residential units in Van Nuys, 18 of which will be affordable, according to a filing with the Los Angeles City Planning Department.
The Haroutunians are the owners of the site at 13610 West Sherman Way in Van Nuys, which they purchased for $1.6 million in 2012, according to property records. The property is flanked by a Norm’s restaurant and a transitional housing project.
The new construction will span about 108,000 square feet, according to the plans filed with the city. The building will have five stories, with the ground floor providing parking for 99 cars. The top four floors will have apartments around a central courtyard, according to the plans.
The developer is requesting a 45 percent density bonus for the project and will set aside 15 percent of the project’s total units for very low-income residents, according to the filing. Waivers in the application include a request to increase maximum height from 45 to 58 feet and a reduction in the number of required parking spots from 201 under the L.A. building code to less than half that at 99.
“The project will develop a much-needed housing project with a commercial component on land that can support a significantly higher number of residential dwelling units,” according to the filing.
The plans show two retail buildings facing the street with the apartment building behind them. The proposed 168 units will include 109 studios, 52 one-bedrooms and seven two-bedroom apartments.
Van Nuys, which is the San Fernando Valley’s most populous neighborhood, is known for its affordable housing options, according to Matthews Real Estate Investment Services. The neighborhood’s vacancy rate rose to 3.3 percent in the first quarter of this year, compared to 2.9 percent a year ago, according to the brokerage.
The Haroutunians own other properties, mostly single-family homes, in Encino, Van Nuys and Tarzana, according to public records.
Four years ago, Blackstone expanded its Los Angeles portfolio by buying two industrial properties in the Van Nuys neighborhood for $83 million.
The Haroutunians and their lawyer did not respond to a request for comment.