Developers floated two residential proposals before the land-use committee of the Van Nuys Neighborhood Council on Tuesday, including a subdivision that got the green light to move forward.
Storm Properties Inc., a Torrance residential developer, wants to build a $29 million small-lot subdivision that marks its first foray into the San Fernando Valley.
The proposal calls for 58 single-family homes at 14700 Sherman Way, just west of Van Nuys Boulevard. Small-lot homes are separate residences but can be so close that the units can have the appearance of condominiums.
Alan Kwan, the firm’s director of acquisitions, said they would be priced from the mid-$400,000s to the mid-$500,000s.
The subdivision got a positive response from the land-use committee, which recommended that it move forward to the full Neighborhood Council next month.
The vacant land was originally bought as an expansion site for Church on the Way, whose main sanctuary is at 14300 Sherman Way. Kwan said the church’s plans have changed and his firm is in escrow to buy the parcel for an undisclosed price.
Storm Properties has concentrated on residential infill projects in the South Bay, but the firm is increasingly interested in the San Fernando Valley.
“We love Van Nuys in particular. It seems to get a bad rap, but we look for areas where we can get a lot of value and where neighbors are supportive,” Kwan said.
The second project is a mixed-use, transit-oriented development slated for 4.5 acres at 6100 Van Nuys Boulevard. It would feature 384 apartments and about 17,000-square-feet of retail space at the busy corner of Oxnard Street. It is adjacent to the Orange Line busway.
Keyes Automotive Group operated a showroom on the property, which is owned by a family.
Brad Rosenheim, principal of Rosenheim and Associates Inc., a Woodland Hills land use consultancy, represents the landowners. He said the project is still in preliminary stages.
“We’ve got a lot of work left to do on this,” said Rosenheim, who plans to return to the committee with more detailed plans.