Wellpointe’s Woodland Hills Senior Housing Comes Into Focus

Wellpointe’s planned $2 billion affordable senior housing project in the San Fernando Valley is coming into focus.

The assisted-living developer is securing entitlements for Viva L.A. Warner Center, a nearly 3,500-unit project slated to rise in four towers at 6400 Canoga Avenue in Woodland Hills, L.A. Business First reported.

The project will span 2.2 million square feet on a 4.7-acre site and be open to seniors making 30 to 80 percent of area median income, defined in Los Angeles County as between $22,695 and $60,250. Part of the development includes roughly 61,450 square feet of non-residential floor area and parking for 823 vehicles in the four high-rise structures poised to rise between 34 to 42 stories. In total, Viva would consist of 3,458 residential units, including 3,192 units for seniors and 266 units for on-site staff.

In order to bring the development to life, Wellpointe is looking at securing a mix of public investment and private financing from taxable debt and sponsor support, company co-founder and CEO George Kutnerian told L.A. Business First. The developer is looking to lock down tax-exempt bonds, low-income housing tax credits and funding from the U.S. Department of Housing and Urban Development to fund the project.

“There’s no direct subsidy from the city and there’s no direct subsidy from the federal government either,” Kutnerian said. “The financing sources come from being 100 percent affordable housing.”

As for how much of the senior living complex will actually consist of senior residents, Kutnerian told Good Nite L.A. “I don’t know the exact percentage,” and noted that more than 1 million Angelenos will be over the age of 60 by 2030.

Because the project will be entirely affordable, it qualifies for review exemptions and streamlined approvals under Los Angeles’ Executive Directive 1. Mayor Karen Bass, who championed ED1 and attended a presentation on the development on Tuesday, said the measure has so far led to 42,000 affordable units in the pipeline, including 6,000 currently under construction.

A Wellpointe affiliate acquired the 6400 Canoga Avenue site last year for $25.5 million. Previous owner Sandstone Properties foreclosed on the property after buying it in 2018 for $28 million. The project is slated to begin construction in the middle of next year and open in 2029.

— Chris Malone Méndez