SRM Development is currently in escrow to purchase a 100,400-square-foot site at 11611 Ventura Blvd. for an undisclosed amount and has filed plans with the city of Los Angeles to create a residential site for seniors, according to reports by The Real Deal and Urbanize.LA.
The project, designed by Urbal Architecture, will be named Ventura & Colfax, as the 2.3-acre site stands at the northeast corner of Ventura Boulevard and Colfax Avenue.
Spokane, Wash.-based SRM is seeking to raze the existing site – a few commercial buildings including an automotive business – to build the senior living complex, which will consist of 129 assisted living care units and 16 detached townhomes.
The facility will have 25 guest rooms dedicated to Alzheimer’s and dementia care. The plan also includes 118 parking spaces and 42 bicycle stalls.
This will be SRM’s second development in the San Fernando Valley. SRM has an eldercare facility project at 16151-16201 Ventura Blvd. in Encino. That development includes 107 assisted living units and 16 memory care apartments.
SRM’s project comes at a time when new senior living projects have been scarce. According to JLL data, approximately 2,400 senior housing units are currently under construction in Los Angeles and Orange County.