A San Fernando Valley-based developer has turned his sights on Van Nuys for his newest housing plans.
Jonathan Azal, along with his brother and father, has filed plans to build a 120-unit apartment complex at 14519 West Sylvan Street, according to documents filed with the L.A. City Planning Department. About 12 percent of the units will be reserved for extremely low income households.
The complex will include 4,800 square feet of commercial space on the ground floor. Azal is hoping to get something “hip and cool” in the space, whether it be an office space or coffee shop, adding he has already had discussions with companies including Amazon about opening up a store.
Azal and his family bought the 40,000-square-foot site in September for $8.9 million, records show.
Azal has a few different projects in the works in Van Nuys, he said, including a five-story, 34-unit complex at 14606 West Sylvan Street — just across the street. He’s also planning a 64-unit complex and a two building, 71-unit property in the city.
“I see Van Nuys as the new NoHo, the downtown of the San Fernando Valley,” Azal said.
Most of the projects will take advantage of L.A.’s Transit Oriented Communities program, which grants developers incentives and exemptions for projects built near public transit hubs. The city of L.A. is currently building out a light rail project across the San Fernando Valley, which will traverse through Van Nuys.
The Metro rail station in North Hollywood, or NoHo, has provided the spark for a number of residential and mixed-use developments.
Azal is also an investor. In March, he sold a 34-unit complex at 7108 Amigo Avenue in Reseda for $13.9 million, or about $409,000 per unit.
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