A Toll Brothers project to demolish an office complex in Warner Center and replace it with housing is moving forward.
The Los Angeles City Council approved a proposal from Toll Brothers to tear down offices at 6464 Canoga Avenue and build an eight-story building with 276 apartments and 8,600 square feet of ground-floor commercial space, Urbanize Los Angeles reported.
Toll Brothers’ development is the first project to take advantage of density bonus incentives in the Warner Center Specific Plan area. In exchange for increased density, the developer will be required to designate 21 apartments for very low-income households, or individuals making a maximum of $53,000 annually and households of four making $75,750.
The offices were formerly the headquarters of animation studio Filmation. It’s been vacant for decades, following the 1994 Northridge earthquake. Seismic retrofitting for the property was determined to be too expensive.
Toll Brothers’ presence in the multifamily market is evolving. In September, Kennedy Wilson acquired Toll Brothers’ Apartment Living arm for $347 million. Kennedy Wilson secured Toll Brothers’ general partner interests in 18 multifamily and student housing assets worth approximately $2.2 billion, as well as a 29-property development pipeline worth approximately $3.6 billion of investment.
The Canoga Avenue project isn’t the only multifamily development in the works in Warner Center. In September, Meta Housing Corporation submitted an application to build affordable apartments for senior citizens at 21010 Vanowen Street. That proposal similarly calls for demolishing a one-story office building and accompanying parking lot to make way for a six-story building boasting 395 apartments for low- and moderate-income households.
Earlier this year, billionaire developer and Los Angeles Rams owner Stan Kroenke unveiled plans to build a 100-acre team headquarters, residential and retail entertainment hub in Warner Center. That project, dubbed Rams Village at Warner Center, is expected to boost foot traffic and density at the master-planned business district in Canoga Park and Woodland Hills. — Chris Malone Méndez
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