Sherman Oaks Apartment Project Proposed

A developer has plans to build a new 300-plus unit apartment complex with commercial space on Ventura Boulevard in Sherman Oaks, according to a marketing brochure by commercial brokerage CBRE Group Inc. The project would involve constructing 312 new apartments at 14801 to 14827 Ventura Blvd. between Kester and Willis avenues in two, five-story buildings that will also feature retail, restaurants and underground parking. CBRE is marketing between 15,000 and 22,000 square feet of retail space for lease out of a total of about 37,000 square feet planned for retail and restaurant tenants. The ground-floor tenants would be below apartments and above underground parking, according to the firm’s brochure on the project. The site is located at the northwest corner of Ventura Boulevard and Willis Avenue and is about three-quarters of a mile from the Sherman Oaks Galleria. Currently, the Sherman Oaks Chamber of Commerce leases space in the larger of two older office buildings that now occupy the parcels, according to real estate database CoStar Group Inc. A two-story medical office building of more than 12,000 square feet is fully leased and was built in 1959. It sits on 1.73 acres and has 55 parking spaces. The second building, just under 10,000 square feet, was built in 1961 and sites on less than an acre with 45 parking spaces. Both buildings are owned by H&M Konjoyan of Sherman Oaks, which did not return calls for comment before deadline.