Developers rarely have it this easy.
FMB Development avoided the usual permit headaches and impossible deadlines that come with construction plans by acquiring a Van Nuys site already approved for a 180-unit residential and retail project.
Miracle Mile-based FMB paid Blue Arch Investments $9.5 million for the land, just months before Blue Arch was to break ground on the mixed-use development, Urbanize reported.
The property at 7111 Sepulveda Boulevard is 1.2 acres, and has approval for the redevelopment that will include 4,750 square feet of ground floor retail space.
Blue Arch, the L.A.-based real estate investment group, purchased the property for $4.9 million in 2015 from a family trust, and demolished a meat and vegetable market there. The site is near the intersection of Sherman Way, in an area with low-rise commercial properties and strip malls.
Santa Monica-based architect Daryoush Safai designed the development for Blue Arch in 2016.
FMB’s portfolio includes single-family and multifamily properties around the L.A. area. FMB and Blue Arch could not be reached for comment. [Urbanize] – Dennis Lynch