This morning, the Los Angeles City Council voted to adopt an ordinance effectuating a zone change and other discretionary entitlements required for the construction of a mixed-used apartment complex in Sun Valley.
The Lankershim Crossing project, which is being developed as a joint venture between Summerland Partners and Hankey Investment Company, would rise from a 4.5-acre property at the southeast corner of Lankershim Boulevard and Strathern Avenue, replacing a building materials yard and four single-family homes. Plans call for the construction of a seven-story building featuring 432 one-, two-, and three-bedroom apartments, in addition to 22,000 square feet of ground-floor commercial space - earmarked for two restaurants and a market - and parking for 541 vehicles.
As a condition of approval, the project would include 48 units of deed-restricted affordable housing, including 26 units priced at the very low-income level and 22 units set as the extremely low-income level.
Other conditions of approval include a requirement thank Summerland and Hankey pay for the installation of new high-visibility "zebra" crosswalks in the surrounding area, as well as a new shelter structure and bench for a nearby bus stop.
Construction of Lankershim Crossing is expected to occur over approximately 36 months, according to a sustainable communities project assessment conducted for the development. Completion is anticipated in 2023.
The project is the latest in a series of joint ventures between Summerland and Hankey Group, following the completion of the Art Set NoHo apartments in North Hollywood.
Separately, Hankey is also partnering with Jamison Services on the construction of two large mixed-use projects in Koreatown: a 490-apartment complex near the Vermont/Beverly Metro station and the 25-story Kurve on Wilshire tower.
The Lankershim Crossing will rise from a property located just west of a former landfill at the intersection of Strathern and Tujunga Avenue, which Los Angeles County intends to convert into a 46-acre wetlands park.
- Lankershim Crossing (Urbanize LA)