The International Church of the Foursquare Gospel in Van Nuys has sold to a developer with plans to build homes on the site.
Storm Properties Inc., a Torrance development company, paid an undisclosed price for the 3.4 acre parcel at 14700 Sherman Way. The company is seeking approval for 58 single-family homes in a gated community.
The homes will feature Spanish-style architecture with two- and three-story floor plans. The residences, with three or four bedrooms, will range in size from 1,662 square feet to 1,822 square feet, and are expected to be ready for occupancy in mid-2017.
“We are very excited about this project, as there is significant buyer demand for new homes in this area,” Jay Ahluwalia, president of Storm, said in a statement. “This infill project is centrally located for access to job centers, services and shopping amenities.”
Storm Properties has extensive experience in residential projects and is seeking to make more acquisitions in the $5 million to $30 million range for home development.