A joint venture wants to build a 148-unit apartment complex in Canoga Park, near fast-developing Warner Center.
Alliant Capital and Strategic Realty Holdings filed the plans with the Los Angeles Department of City Planning.
The development would replace a two-level office building at 7322-7340 North Topanga Canyon Boulevard, records show. The site totals just under an acre. The developers picked up the property in April for $8.2 million.
The partners are requesting an increase in the project’s allowable height through the city’s Transit Oriented Communities program. The TOC program allows developers to increase a project’s density and choose from a number of other entitlements in exchange for reserving some units for low-income renters.
The partners plan to set aside 9 percent of units for “extremely low-income” renters. They are looking to price the roughly 100 other units in line with workforce housing pricing — about $200-$500 below rents in nearby Warner Center, Strategic’s Eddie Lorin said.
The development site is also within a federal Opportunity Zone. That would allow investments in the project eligible for certain tax deferments. Lorin said the partners may pursue funding through the Opportunity Zones program, but said the pandemic and uncertainty about the incoming Biden administration’s policies have made that funding more challenging.