Hello, AdrianA new mixed-use development is underway in the Lake Balboa district of Los Angeles.

The LA City Council approved last week an application to change the land use plan of the owner of 16949-16955 Sherman Way to construct a four-story apartment building with 111 residential units on the site, along with 4,500 square meters of retail space on the ground floor, according to UrbanizeThe owner is an entity called Lion signature bound to a person who Egish Kuiumjian.

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As a condition of approval, 13 of the proposed units will be earmarked for housing for very low-income persons.

The project replaces a closed, almost 4,600 square meter SizzlerPart of the popular steakhouse chain.

Lion Signature bought the property in 2019 for about $4 million, land records show. The developer first applied for permits for the mixed-use project in 2022, according to Urbanize.

The project was designed by Alajajian Marcoosi Architectswhich also includes the Armenian-American Museum and Cultural Center of California.

Some residents of the community argued in a LA City Planning Commission According to Urbanize, it was explained at a meeting in February that the project would worsen privacy concerns and traffic congestion.

But if market numbers are to be believed, these new units can’t come fast enough. Despite the high demand for housing in Los Angeles, The number of units completed in the region has fallen sharply due to high interest rates and a volatile economic situation. Only 3,513 units were delivered last quarter, compared to 4,314 units in the second quarter of last year, according to a current market report from CBRE.

You can reach Nick Trombola at [email protected].