Another large residential project is in the works in Warner Center.
A Montecito-based entity filed plans for a 244-unit mixed-use development at 21201 W. Victory Boulevard, city records show.
The seven-story project would include 61 live-work units and a total of about 246,000 square foot. Around 50,500 square feet would be “non-residential,” including 16,800 square feet of office space. It would include 219 parking spaces.
An existing low-rise commercial building on-site would be demolished.
The applicant is Levine Family Properties LLC, based in Montecito, property records show. It is controlled by Mark Schwartz, according to city Planning Commission records.
The property is mostly surrounded by commercial developments, including office buildings, but there are other apartment complexes nearby. San Diego investment firm MG Properties Group paid $93 million in October for a 264-unit multifamily complex about a half mile away at 6301 De Soto Avenue.
The Victory Boulevard project adds to the flurry of development plans to surface in the last week within the Warner Center 2035 Specific Plan area. The Specific Plan rezoned much of the Warner Center area to encourage more residential and mixed-use projects, with the goal of creating a downtown area. The area is currently dotted with apartment complexes, but dominated by large commercial developments included the Westfield Topanga mall.
More than 2,500 residential units are currently in the pipeline in Warner Center, but none of them are designated as affordable. The city is looking into ways to push more affordable development, including a measure to the 2035 plan requiring a certain number of units be set aside as affordable at new developments.
Last week, Bolour and Associates purchased a three-acre commercial site on Oxnard Street with a preliminary plan for a 380-unit project. Representatives there said it could also continue to rent out the existing commercial space.
And this week, plans surfaced for a 1.27-million-square-foot eldercare facility on a large swath of land owned by defense contractor Northrop Grumman.
Source: The Real Deal Los Angeles