A Van Nuys developer wants to put up a 369,000-square-foot, mixed-use project in Woodland Hills that would include 170 residential units and a 19-story office tower.
If it wins city approval, the 2.9-acre project at 5955 N. DeSoto Ave. would be one of the earliest developments to go up under the Warner Center 2035 Plan.
A description of the proposed residential, office and retail complex was submitted to Los Angeles city planners on Monday by Brian Lezak, president of Majestic Asset Management Inc. He did not return calls for comment on Tuesday.
His proposed project calls for demolishing a two-story, 55,398-square-foot office building at the Warner Center Business Park on DeSoto between Oxnard and Califa streets and replacing it in two phases.
The first phase would consist of a seven-story, 193,000-square-foot building to house the 170 apartments – including 13 live-work units – and a 5,700-square-foot restaurant space. Parking for 258 cars and 196 bikes would be included on the site.
Phase two calls for a 166,000-square-foot commercial office building with nearly 10,000-square-feet of ground-floor restaurant and retail space with parking for 490 cars and 254 bikes.
Majestic acquired the building, which dates to 1977, last June for $9.4 million or about $177 a square foot, according to real estate data provider CoStar Group Inc.
The property is located on the eastern edge of the Warner Center 2035 Plan development area. That plan, passed in 2013, divides the 1.5-square-mile neighborhood into eight districts and is expected to bring more than 42,000 new residents and nearly 49,000 new jobs to the area.