A .82-acre property adjacent to the North Hollywood terminus of Metro's Red and Orange Lines is poised to give way for a new mixed-use development.

Last week, plans were submitted to the City of Los Angeles to replace a car rental lot at 5401 N. Lankershim Boulevard with a residential-retail complex.

According to a case filing from the Department of City Planning, the project would consist of an approximately 77-foot tall building which would contain 117 market-rate apartments, 10 apartments for very-low income households and slightly over 12,000 square feet of ground-level commercial space.  Other proposed features include nearly 8,000 square feet of common open space and an underground parking garage capable of accommodating up to 222 vehicles.

The mixed-use complex is being developed by the California division of the Richman Group, a Connecticut-based real estate firm that is one of the country's largest owners of rental apartments.

Further details about the proposed development are unavailable at this point in time.

The project emerges in the midst of Metro's effort to create development guidelines for the approximately 15.6 acres of agency-owned land which surrounds North Hollywood Station.  A prior effort had called for a series of high-rise buildings featuring a mixture of residential units and commercial office space above pedestrian-oriented shops and restaurants.

Similar mixed-use developments are also planned for other properties near the station, including a 297-unit complex at Lankershim Boulevard and Otsego Street and an 82-unit building on Chandler Boulevard.