A local real estate firm is planning to build a new residential-retail development in the North San Fernando Valley.

Yesterday, the Encino-based Gelb Group filed plans with the City of Los Angeles for the construction of a nearly 500,000-square-foot mixed-use complex at 16201 W. San Fernando Mission Boulevard.  The approximatley 8.5-acre property is currently home to a retail center known as Granada Hills Plaza.

According to a case filing from the Department of City Planning, the project would consist of a four-story building containing 440 apartments, including 22 units that would be set aside for very low income households.  Plans also call for approxmately 65,000 square feet of ground-floor commercial space, as well as one level of subterranean parking.

The proposed development requires several discretionary approvals, including the authorization of density bonus incentives.  Additional details about the project are currently unclear.