A building materials yard and four single-family homes in the Sun Valley community are slated to make way for a mixed-use development, according to an application submitted yesterday to the Los Angeles Department of City Planning.

The project, called Lankershim Crossing, would rise from an approximately 4.5-acre property near the intersection of Lankershim Boulevard and Strathern Avenue.  Plans call for the construction of a seven-story building which would feature 432 apartments - including 48 affordable units - with 22,000 square feet of ground-floor commercial space and 18,000 square feet of community and recreation room space.

The proposed development would require several entitlements, including a zone change, an increase in allowable floor area, and the provision of one parking space per unit.  The team is also seeking a permit for alcohol sales in either a 14,000-square-foot retail store or pharmacy, and in two 4,000-square-foot restaurants.

Manny Kozar of Summerland Partners is leading entitlement and development of Lankershim Crossing in partnership with Hankey Investment Company.

Architect Kamran Tabrizi is designing Lankershim Crossing, according to a project representative.

A timeline for the proposed mixed-use complex has not been announced.

Summerland and Hankey have partnered on several developments in Koreatown and the San Fernando Valley, the most recent of which is a four-story, 60-unit development in North Hollywood.

Just this week, Hankey announced the groundbreaking of another large development: the 2900 Wilshire apartment tower in Koreatown.