At its meeting yesterday, the Los Angeles City Council moved to authorize the release of just over $54 million in funding to developer Thomas Safran & Associates for the construction of a new affordable housing complex in Panorama City.
The Vista Terrace development, slated for a property located at 8130-8146 N. Van Nuys Boulevard, will consist of a four-story building featuring 102 studio, one-, and two-bedroom apartments - all of which would be restricted to rent by households earning no more than 50 percent of the area median income level, save for a manager's unit. Plans also call for 55 parking spaces to be located below the housing and amenities.
Rendering of Vista Terrace looking northeastHED
The money approved by the Council, including $40.1 million in tax-exempt bonds and $14.2 million in taxable funds, will cover a portion of the overall $80.8 million budget. The approximately $793,000 per-unit cost is attributed to inflation during the course of 2022, the abatement of asbestos and lead paint from the project site, land acquisition, and a required ventilation system.
HED is designing Vista Terrace, which is portrayed in renderings as a contemporary low-rise structure clad in stucco and accented with fiber cement panels. Proposed on-site amenities include a courtyard, a recreation room, and a community room.
8130-8146 Van Nuys BoulevardGoogle Maps
The proposed project, which will abut a future stop on Metro's East San Fernando Valley light rail line down Van Nuys Boulevard, emerges as new developments quickly reshape the commercial core of Panorama City. Across the street, developer Izek Shomof reopened a long-vacant office tower as 194 units of housing in 2020, and later initiated plans for a 200-unit mixed-use building on an adjoining site to the south. Construction is also underway for a 180-unit affordable and supportive housing complex on a property located just west of Van Nuys Boulevard.
The largest changes in the work for the neighborhood would arrive at the site of the Panorama Mall, where Primestor is looking to build a mixed-use complex featuring high-rise buildings and up to 4.5 million square feet of housing, hotel, and commercial space.
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- 8140 N Van Nuys Boulevard (Urbanize LA)
Looking for affordable housing? Visit lahousing.lacity.org/aahr and housing.lacounty.gov
