One year after breaking ground next to Metro's North Hollywood Station, the concrete podium of a new apartment complex is now taking shape at 5401 Lankershim Boulevard.
The project, which is being developed by Richman Group, will consist of a seven-story edifice containing 127 studio, one-, two-, and three-bedroom apartments above 12,000 square feet of retail space and a 218-car garage.
Approved plans will require that 10 apartments be set aside as deed-restricted affordable housing, in exchange for density bonus incentives permitting a larger structure than allowed by zoning.
DesignARC is the architect behind the project, which is depicted in a conceptual rendering as a contemporary low-rise building. Planned on-site amenities include a courtyard, a swimming pool, a resident lounge, and a fitness center.
At the time of the project's groundbreaking in October 2019, completion was expected in late 2021.
Richman Group, which is headquartered in Connecticut, is developing a similar mixed-use building at the Gold Line's Monrovia Station, and is also a partnering on the planned redevelopment of the Rancho San Pedro public housing complex near the Los Angeles Waterfront.
The North Hollywood development will serve as a prelude to a larger multi-phase development slated for the subway station's park-and-ride facility, where Trammell Crow Company is expected to invest $1 billion to construct a mix of housing, office space, and retail.
- 5401 Lankershim (Urbanize LA)