Evolution Strategic Partners, a developer based in West L.A., wants to build a 271-unit apartment building at the site of a former aircraft component warehouse in Warner Center.
The company filed plans Monday to develop the nearly two-acre site at 6606 North Variel Avenue into a seven-story, 305,509-square-foot complex.
The developer is in escrow to buy the property for close to $10 million, the site’s listing agent Roobik Ovanesian of Cranbrook Realty told The Real Deal. The property currently houses a 40,000-square-foot Class C industrial warehouse formerly used by seller Faber Enterprises, a maker of aircraft fluid fittings. That structure will be torn down.
The price tag equates to about $122 per square foot of land.
Under the Warner Center urban development plan, approved by City Council in 2013, Evolution’s development does not need any special entitlements and will be by-right.
Formerly a hub for aerospace manufacturing, the corner of the San Fernando Valley has recently become a hub for commercial development. Nearby, the 43-acre Rocketdyne Propulsion & Power plant is being torn down to make way for a $3 billion “sustainable urban neighborhood” by United Technologies.