|Status:||Acquired June, 2014|
|Proposed Use:||Low-Medium Residential|
4.28 acres / 7 detached single family homes and 70 small lot subdivision homes
|Development Manager:||LaTerra Development, LLC|
The Roscoe Village site is ideally located in an infill market of the San Fernando Valley in the community of Winnetka, an area that is lacking new home product, and offers close proximity to the 101, 118 and 405 Freeways. The proximity to Metro Rail and Warner Center make it one of the most dynamic locations in the Valley. Warner Center is the 5th largest employment base in Los Angeles County, (also known as the “Century City of the Valley”) with over 18 million s.f. of office space and the largest San Fernando Valley retail hub. Northridge Fashion Square, one of the largest malls on the west coast, is within a short drive of the site.
The LaTerra investment strategy for the property was to modify the approved podium project to a lower density/lower cost design. The property was entitled for 129 units consisting of 105 units in a 3 over 1 podium configuration, plus 24 detached condominium units. The redesigned layout is planned as a for sale product, consisting of 7 detached single family homes and 70 small lot subdivision homes, thus eliminating the structured parking and podium building, resulting in lower construction costs and vastly improved homebuyer market appeal.