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Thursday, Jul 18, 2024

$150 Million Icon Project in Panorama City Advances to L.A. City Council

After three revisions, Icon Co.’s $150 million mixed-use project in Panorama City has been approved by the Los Angeles City Planning Commission. The Real Deal reports that Beverly Hills-headquartered Icon, led by principal Billy Ruvelson, has been rewarded for its redesigns with a higher unit count as the complex’s multifamily component, which recently presented 422 apartments, now totals 675 units. This will be in addition to 60,000 square feet of retail space, a 17,500-square-foot outdoor plaza, and a six-story parking structure. According to CoStar Group, Icon purchased the 9-acre property, located at 14651-14697 Roscoe Blvd. for $18 million, or $147 per square foot, from Lubert-Adler Partners LP of Philadelphia in January 2016. The Pennsylvanian entity had bought the real estate from Kmart a decade earlier for just over $17 million. Icon’s original vision for the development saw 350 apartments and 250,000 square feet of commercial space and a 2020 completion date. The commission signed off on the project, which is being designed by architecture firm Hochhauser Blatter, with additional changes such as a 10 percent reduction in residential open space, an ungated landscaped plaza and greywater systems, and unbundled residential parking, according to the Department of City Planning.

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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