Alliant Strategic Planning 332 Apartments In Van Nuys
A pair of commercial storefronts on Van Nuys Boulevard is set to give way to more than 300 residential units under a plan from Alliant Strategic Development.
Alliant Strategic filed plans with the city of Los Angeles this week to build 332 units in a six-story building with about 4K SF of retail space just south of Sherman Way. Alliant is both the developer and the owner of the project.
Of those units, 11%, or approximately 37, will be available to extremely low-income tenants. For a family of four, that translates to a household income of $35,450 a year. The project will utilize the city’s transit-oriented communities guidelines, which allow developers to build denser, bigger projects close to transit if they include affordable units.
The majority of the units will be market-rate, but the developer is aiming to have rents that are affordable to moderate-income tenants making 80% to 100% of the area median income. For Los Angeles County, that would be $64K to $80K a year, respectively.
The rising cost of single-family homes has pushed homeownership further out of reach for many Angelenos, Alliant Strategic Development CEO and co-founder Eddie Lorin said in an email. A 2018 report from the California Association of Realtors found that homebuyers needed to have a household income of nearly $113K a year to afford a median-priced home in LA County, which at that time was estimated to cost about $545K — well below today’s median of $750K.
“That affordability gap is exactly why projects like the Vose Apartments are so important to providing safe, quality and affordable housing for everyone living in these communities,” Lorin wrote.
The L-shaped building at 7050-7068 North Van Nuys Blvd. and 14431 West Vose St. will wrap around an existing senior living building on the corner of Vose and Van Nuys. Amenities include parking, rentable storage space, a rooftop lounge area, and a gym and spa.
Alliant expects to break ground before the end of this year, with construction estimated to be complete by early fall 2022, according to Lorin.
In May, Alliant proposed another project in the Valley: a 220-apartment development in Canoga Park, the San Fernando Valley Business Journal reported.