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Friday, Jun 9, 2023

$150 Million Icon Project in Panorama City Advances to L.A. City Council

After three revisions, Icon Co.’s $150 million mixed-use project in Panorama City has been approved by the Los Angeles City Planning Commission. The Real Deal reports that Beverly Hills-headquartered Icon, led by principal Billy Ruvelson, has been rewarded for its redesigns with a higher unit count as the complex’s multifamily component, which recently presented 422 apartments, now totals 675 units. This will be in addition to 60,000 square feet of retail space, a 17,500-square-foot outdoor plaza, and a six-story parking structure. According to CoStar Group, Icon purchased the 9-acre property, located at 14651-14697 Roscoe Blvd. for $18 million, or $147 per square foot, from Lubert-Adler Partners LP of Philadelphia in January 2016. The Pennsylvanian entity had bought the real estate from Kmart a decade earlier for just over $17 million. Icon’s original vision for the development saw 350 apartments and 250,000 square feet of commercial space and a 2020 completion date. The commission signed off on the project, which is being designed by architecture firm Hochhauser Blatter, with additional changes such as a 10 percent reduction in residential open space, an ungated landscaped plaza and greywater systems, and unbundled residential parking, according to the Department of City Planning.

Michael Aushenker
Michael Aushenker
A graduate of Cornell University, Michael covers commercial real estate for the San Fernando Valley Business Journal. Prior to the Business Journal, Michael covered the community and entertainment beats as a staff writer for various newspapers, including the Jewish Journal of Greater Los Angeles, The Palisadian-Post, The Argonaut and Acorn Newspapers. He has also freelanced for the Santa Barbara Independent, VC Reporter, Malibu Times and Los Feliz Ledger.

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