Multifamily developer Kaplan Management Co. has shed more light on its intentions to build a mixed-use project at the site of Fry’s Electronics at 6100 N. Canoga Ave. in Woodland Hills.
According to a Sept. 15 filing with the city of Los Angeles, the proposed project will include two buildings — one with apartments and the other a hotel on the parcel’s 8.8 acres.
The multifamily component will bring 880 residential units to Warner Center.
While the developer is not named in the filing, Kaplan Management Co. in Houston had purchased the site in February for $48 million. Kaplan used a three-year floating rate development loan originated by Silverpoint Capital and secured by Senior Managing Director Cutt Ableson of Berkadia’s Houston office.
Should this residential apartment building and hotel rise at this property, it stands to benefit from Warner Center 2035 Specific Plan synergy. The project site is a few blocks away from the $1.5 billion Promenade 2035 development which Unibail-Rodamco-Westfield is currently in the early days of constructing, which will soon bring 1,400 residential units, 280,000 square feet of retail, 731,500 square feet in office space, a 572-key hotel and a small stadium to Warner Center’s core.
“The Warner Center business district is one of the most active locations for development in the San Fernando Valley, with an advantageous location right on U.S. 101 and minutes from Interstate 405,” Ableson said in a February statement. “With the Warner Center 2035 Specific Plan in place by the city of Los Angeles, the area is expected to see about 28 million square feet of commercial and office space and bring 24,000 new residential units, offering development opportunity in only 1.5 square miles within the Woodland Hills neighborhood.”