More Affordable Housing Coming to Warner Center Area

Elysian Housing and Capstone Equities are planning to build a new affordable housing development in Woodland Hills.

Los Angeles-based Elysian Housing and New York-based Capstone Equities purchased 21155 Califa Street, L.A. Business First reported. A one-story, 35,000-square-foot commercial building at the site would be demolished to make way for more than 300 units of income-restricted housing. Terms of the transaction, including price, were not disclosed.

Elysian and Capstone plan to erect 316 affordable units across seven stories on the 2.7 acre property. The proposed project is tied to the largest new construction permit of the first week of this month, The Real Deal reported.

The developers, listed in city documents as “5909 Variel, LP,” are looking to construct a 300,020-square-foot building at 5909 North Variel Avenue — the same corner address as 21155 Califa Street. The development, known as The Green at Warner Center, will consist entirely of affordable housing, opening the door for expedited approval under Los Angeles’ Executive Directive 1.

The Green at Warner Center project follows a similar proposal from Elysian Housing and Capstone Equities in the San Fernando Valley. Last year, the two firms purchased a 75,000-square-foot office building at 5435-5445 Balboa Boulevard with plans to convert the structure into affordable housing.

The Green at Warner Center joins other affordable housing projects underway in Warner Center as Los Angeles Rams owner Stan Kroenke moves ahead with a 52-acre mixed-use development around the team’s headquarters at 6100 Owensmouth Avenue in Woodland Hills.

Wellpointe is currently seeking entitlements for Viva, its multi-tower development at 6400 Canoga Avenue expected to deliver up to 3,500 affordable units for seniors. Earlier this month, affordable developer Meta Housing broke ground on the second phase of its The Alcove affordable apartments, known as Nova at The Alcove, L.A. Business First reported.

The City of Los Angeles is looking to spur multifamily development in the area with its Warner Center 2035 Plan, which outlines incentives for infill construction meant to entice developers looking to break into the Warner Center submarket.

— Chris Malone Méndez