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Tuesday, May 30, 2023

Multifamily Development Is Shopping Haven

An upscale retail center in Tarzana is set to get its final amenity: residential units. Sinanian Development Inc. of Tarzana purchased two parcels fully entitled for 72 multifamily units adjacent to Village Walk at Tarzana, which spans more than a block of Ventura Boulevard near Reseda Boulevard. The 146,000 -square-foot retail center is filled with high-traffic tenants, including a Whole Food’s Market, Chipotle, Lyfe Kitchen, Starbucks, Yoga Works and a TJ.Maxx. The development parcels at 18709 W. Redwing St. and 5420-5432 N. Yolanda Ave. total more than 2 acres and were purchased from Pearlmark Real Estate Partners LLC of Chicago. The retail center is owned separately by Harvest Partners of Manhattan Beach. The smaller parcel on Redwing Street, directly behind the largest section of Village Walk, will feature 15 two-story luxury townhomes above a two-level garage and podium deck shared with the retail center. A 1.3-acre parcel on North Yolanda Avenue behind a smaller section of Village Walk will consist of 19 townhomes and 38 condominiums over one subterranean level of parking. Sinan Sinanian, president of the development firm, which does its own construction, said work has already begun and units could be available for purchase in less than two years. He estimates the total cost of the project, including land acquisition, at roughly $30 million. “As a Tarzana resident, I want to be proud of what we have in this town,” he said. “If you build good product, there will be demand.” Sinanian wouldn’t discuss pricing for the units, saying the market would dictate that when construction is complete. The units on the North Yolanda Avenue parcel will be about 2,000 square feet, while the project on Redwing Street will range from 750-square-foot, one-bedroom units to a penthouse of more than 2,100 square feet. Greg Harris, executive director at Institutional Property Advisors, a division of Marcus & Millichap Inc., represented Pearlmark in the deal. He said there were more than 10 offers on the property, given the area’s attractive demographics. “I think with the success of the Whole Foods development, there’s definitely a demand,” he said. “There is a younger demographic coming into Tarzana, but the real play is to cater toward empty nesters who want to move off the hill.” Sinanian Development has worked on more than 75 commercial developments with a wide range of uses, including the Armenian American Cultural Center of Los Angeles, several local fire stations, college athletic complexes and the public library at 18231 Ventura Blvd. in Tarzana. Glendale Reduction About nine months after the Glendale City Council voted against a mixed-use proposal from CMGT Construction Co., the developer is back for round two. The Glendale firm is in the midst of conducting an environmental impact report for its project at 507-525 Colorado St., which would consist of 90 apartments, 18,000 square feet of medical office space and a small deli. That reflects a substantial downsizing from the firm’s original proposal of more than 28,000 square feet of retail, an adult day care center and restaurant, in addition to housing. CMGT bought the property about 15 years ago, and it is home to an adult day care center and an office building. Gregory Tan, project manager with the developer, said the new proposal is more in line with demand. “A lot of medical office space has been removed from the city and the new developments that are coming in don’t have any medical-office space,” he said. “There’s a need.” Indeed, the veritable deluge of mixed-use developments coming to the city generally feature trendy restaurants and grocers as the commercial component. The day care center is relocating and all buildings will be razed for the new development, which will feature a mix of 68 one-bedroom and 22 two-bedroom apartments. Tan would not disclose land acquisition costs or what the development would cost to build. If all goes according to plan, Tan said, the developer will have a second shot at City Council approval next month and could begin tearing down the old buildings by summer, with completion of the project late next year. “I wish that I could get my building done sooner and faster, but it’s one of those things,” Tan said. “We’re Glendale people so this is very near and dear to our hearts. It makes sense to do it this way.” Staff Reporter Elliot Golan can be reached at (818)316-3123 or egolan@sfvbj.com.

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