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Tuesday, May 28, 2024

Joint Venture Proposes 693 Units in Westlake

Two families with deep roots in Westlake Village are looking to change the face of the city with a massive new residential project, which proposes 693 apartment units.

“It’s about pride and family,” said Leonard Glickman, principal of Rose Equities, which will work on the Lindero Terrace project in a joint venture with Garden Communities. “It’s the right deal at the right time in the right city with the right group.”

Glickman’s Lindero Terrace plans will go before the Westlake Village City Council on April 26 for its first presentation.

The Lindero Terrace property consists of three parcels beginning at the intersection of Via Colinas and Lindero Canyon Road and extending north along Lindero Canyon Road to the intersection at Russell Ranch Road. That places the development across from the Four Seasons hotel. The three contiguous parcels cover 20 acres.

The Glickman family has owned 5655 Lindero Canyon Road for more 30 years and recently purchased the adjacent parcels.

“We put together a $100 million land assemblance,” Leonard Glickman said.

The Glickmans’ Rose Equities — which is based in Beverly Hills and maintains an office in Westlake Village at 6601 Lindero Canyon Road — also includes Leonard Glickman’s daughters Rachel Glickman and Jessica Glickman and Rachel’s husband, Dan Miller, as well as the Nasch family, Leonard Glickman’s late in-laws. The Glickmans are long-time residents of Westlake Village.

Rose Equities will collaborate on Lindero Terrace with Garden Communities, which is headed by Zygi Wilf. Wilf is the billionaire real estate developer who is the chairman and co-owner of the NFL Minnesota Vikings team. Last year, Zygi and his brother Mark Wilf purchased Village Green Office Park in Westlake Village for $40 million.

“I’ve known Zygi since kindergarten,” Leonard Glickman said. “It’s all family coming together.”

Rose Equities is a development, management and investment group founded in 1949 by Rose and David Glickman and continues to be managed by their sons and grandchildren.

“We have a long-term generational outlook,” Leonard Glickman said. “That’s why we call ourselves owner-users, not developers.”

Garden Communities owns and manages more than 50,000 apartment homes and more than 25 million square feet of retail, office, and hotel space. Garden Communities was founded in 1954 by brothers Harry and Joseph Wilf and is now run by their sons and grandchildren.

Together, the two firms have acquired, entitled and are developing 5,000 apartment units in Orange and Los Angeles Counties. This joint venture includes The Residences at Main, a 260-unit luxury rental apartment home community opening this summer in the Fairfield County town of Trumbull, Connecticut. The companies are also in the process of redeveloping an obsolete, 28-acre hotel property in the Westchester County town of Harrison, New York, into Renaissance Harrison, a 750-unit mixed-use residential community with retail and cultural facilities, including an amphitheater.

Here in Westlake Village, the Lindero Terrace project will work in accordance with the city’s North Business Park Specific Plan.

“We always thought this would be a great site,” said Leonard Glickman. “Westlake Village is a very unique situation and there’s very little residential there.”

The 693 units will be spread across three parcels. The East Terrace parcel will have two podium buildings, the middle parcel will feature parking structures and the Western Terrace’s residents will be called the villas.

Leonard Glickman estimates the project could cost $350 million to $400 million and he’s looking forward to starting construction as soon as the project has gone through its approval and community input process.

Hannah Madans Welk
Hannah Madans Welk
Hannah Madans Welk is a managing editor at the Los Angeles Business Journal and the San Fernando Valley Business Journal. She previously covered real estate for the Los Angeles Business Journal. She has done work with publications including The Orange County Register, The Real Deal and doityourself.com.

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