The Los Angeles City Planning Commission has approved a proposal from Acacia Capital which would add more housing to an existing apartment complex in Woodland Hills.
The property, the Boulevard apartments at 20600 Ventura Boulevard, is a five-story structure which features 123 apartments on its upper floors. Following Planning Commission approval, Acacia is set to add five additional units in place of vacant retail on the building's ground floor.
As brick and mortar commercial space continues to struggle across the region, property owners have increasingly looked to housing as an alternative plan for space. Examples include the Dinerstein Companies, which is converted ground-floor space in an existing apartment complex in Santa Monica.
Developers have also tapped housing laws to add density to built-out structures. Canadian real estate investment firm Morguard initiated plans last year to convert parking and vacant offices at the Lumina Hollywood tower at 5929 Sunset Boulevard into 36 apartments. The 22-story building already includes 299 residential units on its upper levels.
Such projects are likely to ramp up in the coming years, following the enaction of the City of Los Angeles' citywide adaptive reuse ordinance.
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