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1. Executive Summary
• Overview of the project's goals and significance.
• Brief on the integration of residential, retail, and community spaces.
2. Introduction
• Context about the Warner Center and the specific site.
• Importance of the project to the local community and broader urban development
goals.
3. Site Analysis
• Description of the location, including maps and photographs.
• Analysis of site strengths, weaknesses, and potential synergies.
• Neighborhood and Nearby Developments
4. Zoning and Regulatory Compliance
• Detailed overview of applicable zoning regulations (e.g., (WC)UPTOWN-SN-
RIO).
• Summary of compliance with Warner Center 2035 Specific Plan and other local
ordinances.
5. Project Concept and Design
• Detailed description of the proposed mixed-use development.
• Integration of sustainable design principles and green technologies.
6. Market Analysis
• Examination of the current market demand for mixed-use developments.
• Analysis of demographic trends and competitor projects.
7. Sustainability Initiatives
• Overview of green technologies and sustainability practices to be incorporated.
• Potential environmental impact and benefits.
8. Financial Projections and Economic Analysis
• Development budget, including acquisition, construction, and soft costs.
• Operating projections, revenue models, and financial viability.
9. Feasibility/Risk Analysis and Mitigation Strategies
• Identification of potential risks (market fluctuations, construction delays).
• Proposed mitigation strategies.
10. Construction & Implementation Timeline
• Key milestones and phases of development.
• Estimated timeline from commencement to completion.
11. Community Impact and Engagement
• Expected benefits for the local community.
• Strategies for community engagement and feedback.
12. Conclusion
• Summary of the project's potential to enhance the Warner Center.
• Final thoughts on the project's contribution to sustainable urban development.
13. References & Data
• Data and reference sources.
Current Site: 6620 Canoga Ave, Los Angeles, CA 90039
ArcGIS-Esri Map of site 6620 Canoga Ave ArcGIS-Esri Map of site 6620 Canoga Ave)
Proposed Development: Canoga Gardens at 6620: Residential, Retail, Grocery, Park
2/17/24, 12:43AM ArcGIS- My Map
https://www.arcgis.com/home/webmap/print.html 1/1
Maxar | Esri Community Maps Contributors, County of Los Angeles, California State Parks, © OpenStreetMap, Microsoft, Esri, TomTom, Garmin, SafeGraph,
GeoTechnologies, Inc, METI/NASA, USGS, Bureau of Land Management, EPA, NPS, US Census Bureau, USDA, USFWS
My Map
No legend
300ft
Canoga Gardens at 6620
Canoga 6620: Residential, Retail, Grocery, Park
Executive Summary
The proposed redevelopment of 6620 Canoga Ave, Los Angeles, CA 90039, aims to transform
this site into a leading example of mixed-use development, aligning with the Warner Center
2035 Specific Plan's vision for a sustainable, vibrant, and inclusive community. Encompassing
residential, retail, and community spaces, the project leverages the strategic location within the
Warner Center to foster economic growth, social cohesion, and environmental sustainability.
This development is designed to meet the growing demand for mixed-use spaces in Los Angeles,
providing affordable housing options, enhancing local retail offerings, and integrating green
technologies such as solar panels, green roofs, and an electric bike-sharing program. By doing
so, it addresses key urban challenges, including housing affordability, sustainable urban growth,
and the promotion of active, community-oriented lifestyles.
The project's strategic approach includes navigating the complexities of local zoning regulations,
including (WC)UPTOWN-SN-RIO and various Zoning Information (ZI) overlays, to maximize
development potential while adhering to the Warner Center's overarching goals. With a focus on
creating a development that is both financially viable and socially beneficial, the proposal sets
forth a plan for a dynamic community hub that will serve as a model for future urban
development projects.
Introduction
The Warner Center, nestled in the western part of the San Fernando Valley within the City of
Los Angeles, represents a pivotal area for urban development and community revitalization. This
strategic hub, envisioned as a model for the future of urban living, combines residential,
commercial, and community spaces to create a vibrant, sustainable environment. The site at 6620
Canoga Ave, spanning an impressive 165,566.7 square feet, lies at the heart of this dynamic
district. It is poised for redevelopment that aligns with the ambitious Warner Center 2035
Specific Plan, which aims to foster a "live, work, play" community through enhanced
connectivity, sustainability, and mixed-use development.
The project at 6620 Canoga Ave is not just a development; it's a transformative initiative that
underscores the importance of thoughtful urban planning and community-oriented design.
Situated within a district that has been earmarked for significant growth and development, this
project is uniquely positioned to contribute to the Warner Center's evolution. It stands as a
testament to the potential for mixed-use developments to enhance urban livability, reduce
reliance on automobile transportation, and provide a cohesive blend of affordable housing, retail,
and green spaces.
The significance of this project extends beyond its physical boundaries. It represents a critical
step forward in realizing the vision of the Warner Center as a leading example of modern,
sustainable urban development. By aligning with the Warner Center 2035 Specific Plan, the
project contributes to a broader strategy aimed at balancing growth with livability, ensuring that
the Warner Center remains a vibrant and attractive destination for residents, businesses, and
visitors alike.
Furthermore, the development of 6620 Canoga Ave addresses pressing urban development goals,
including the need for more affordable housing, the promotion of sustainable building practices,
and the creation of public spaces that foster community engagement. In doing so, it not only
meets the immediate needs of the local community but also sets a precedent for future
development within the Warner Center and similar urban areas. Through this project, we have
the opportunity to model how urban spaces can be designed to meet the challenges of the 21st
century, ensuring that they are resilient, inclusive, and capable of enhancing the quality of life for
all residents.
The redevelopment of 6620 Canoga Ave is a pivotal project that will play a significant role in
shaping the future of the Warner Center. It embodies the principles of sustainability, community,
and innovation that are crucial for the success of urban development in today's world, promising
to deliver a landmark development that will benefit the local community and serve as a blueprint
for future projects.
(Dall-E rendering of site)
3. Site Analysis
Location Description:
6620 Canoga Ave is strategically located in the Uptown District of the Warner Center, an area
designated for mixed-use development that encourages a harmonious blend of living and
working spaces. The site's proximity to the Canoga Metro Orange Line station and other transit
options enhances its accessibility, making it a prime location for redevelopment.
Strengths:
• Proximity to Transit Options: The site's location near the Canoga Metro Orange Line
station provides excellent connectivity, facilitating ease of access to the wider Los
Angeles area.
• Community Amenities: The surrounding area is rich in community amenities, including
parks, shops, and entertainment venues, which enhance the livability of the proposed
development.
• Neighborhood Vision: The project aligns with the vision of creating a complete
neighborhood that supports residential repurposing, attracting a diverse population and
fostering a sense of community.
Weaknesses:
• Green and Recreational Spaces: One of the challenges will be ensuring that the
development includes adequate green and recreational spaces to meet the needs of
residents.
• Integration with Existing Developments: The project must carefully integrate new
residential developments with existing commercial and office spaces to maintain a
balanced urban fabric.
Synergies:
• The redevelopment's focus on residential use complements the district's mixed-use
development vision, potentially creating synergies that enhance community vibrancy and
diversity.
Neighborhood and Nearby Developments:
The Warner Center is envisioned as a dynamic mixed-use area, with nearby developments
including office buildings, shopping centers, and residential projects. This comprehensive
urban environment supports the project's objectives of enhancing livability and creating a
balanced community.
Current Designation and Development Potential:
• Under the Warner Center 2035 Plan, the Uptown District is designated for mixed-use
development, with a base maximum FAR of 4.5, indicating significant potential for
residential density. The project aims to leverage this potential to offer comprehensive
living solutions that contribute to the area's sustainability and community focus.
4. Zoning and Regulatory Compliance
• Height Limitation: Uncapped, subject to review for buildings above 75 feet.
• Density Flexibility: No imposed limit, endorsing high-density developments.
• FAR Allocation: Unrestricted, providing full land use optimization.
• Site Expanse: 495,000 square feet GBA, supporting extensive mixed-use projects.
The redevelopment project at 6620 Canoga Ave is strategically positioned within the regulatory
framework of the Warner Center and the City of Los Angeles, adhering to a comprehensive set
of zoning regulations and planning guidelines. Central to this framework is the (WC)UPTOWN-
SN-RIO zoning designation, which facilitates the integration of mixed-use developments,
aligning with the broader objectives of the Warner Center 2035 Specific Plan.
Applicable Zoning Regulations:
• (WC)UPTOWN-SN-RIO Zoning: This specific zoning classification underscores the
project's alignment with the Warner Center's vision for uptown districts, encouraging
developments that blend residential, commercial, and community spaces. It supports the
creation of a vibrant, walkable community, emphasizing the importance of transit
accessibility and sustainable urban living.
• Zoning Information (ZI) Overlays: Multiple ZI overlays apply to the project, including
regulations related to emergency temporary measures, state enterprise zones, and transit
priority areas. These overlays provide a regulatory framework that supports the project's
goals of sustainable development, enhanced connectivity, and economic growth.
Compliance with Warner Center 2035 Specific Plan:
The Warner Center 2035 Specific Plan outlines a vision for the area's development over the next
several decades, emphasizing sustainability, livability, and economic vitality. The project at 6620
Canoga Ave has been designed with these principles in mind, ensuring compliance with the
specific plan's guidelines on land use, urban design, and environmental sustainability. Key
aspects of compliance include:
• Mixed-Use Development: The project's integration of residential, retail, and community
spaces aligns with the Specific Plan's encouragement of mixed-use developments that
cater to a diverse range of needs and activities within the Warner Center.
• Sustainability Initiatives: Incorporating green technologies and sustainable design
practices, the project adheres to the Specific Plan's emphasis on environmental
stewardship and resilience.
• Transit-Oriented Design: Proximity to the Canoga Metro Orange Line station and
adherence to transit priority area guidelines underscore the project's commitment to
reducing reliance on personal vehicles and promoting alternative modes of transportation.
Local Ordinances and Additional Codes:
In addition to the Warner Center 2035 Specific Plan, the project complies with relevant local
ordinances, including urban design guidelines, parking standards, and land use incentives aimed
at promoting sustainable and community-focused development. These include:
• Urban Design Guidelines: Ensuring the project contributes positively to the urban fabric
of the Warner Center, with an emphasis on pedestrian-friendly design and active street
frontages.
• Parking Standards: Adhering to adjusted parking requirements based on residential unit
count and type, reflecting the project's commitment to reducing vehicular congestion and
promoting sustainable transportation options.
• Land Use Incentives: Leveraging incentives for increased density and FAR, the project
aims to provide affordable housing options and public open spaces, furthering the goals
of the Warner Center 2035 Specific Plan.
Brief Zoning Code Analysis for Residential Repurposing:
This analysis demonstrates how repurposing for residential use within the Uptown District aligns
with the broader objectives of the Warner Center 2035 Plan, leveraging the area's mixed-use
zoning to create a diverse, sustainable urban environment. Key zoning code aspects and
specifications include:
• Maximum Height: Unlimited, with conditions for projects over 75 feet.
• Parking Requirements: Adjusted based on residential unit count and type, with specific
ratios for guest and residential parking.
• Required Front Yard Setback: 12 to 15 feet, with flexibility for projects not on active
street frontages.
• Required Side/Back Yard Setback: Determined by project specifics, emphasizing
urban design considerations.
• Maximum Density: Dictated by FAR and planning criteria, encouraging dense, mixed-
use development.
• Maximum Floor Area Ratio (FAR): 4.5:base, with potential for increases through
incentives.
The project may qualify for development bonuses for incorporating features such as a grocery
store, fully subterranean parking, local serving retail, public spaces, and an intensity FAR bonus
of 0.5:for community facilities. These bonuses enhance the project's feasibility and alignment
with the Warner Center's vision for a comprehensive urban environment.
(ArcGIS-Esri Map of site 6620 Canoga Ave.) (Dall-E rendering of site)
5. Project Concept and Design
The proposed redevelopment of 6620 Canoga Ave is envisioned as a pioneering 346 units with
20% affordable housing and mixed-use development, seamlessly integrating residential, retail,
grocery and community-focused spaces such as a park. This project is designed to embody the
principles of sustainability, connectivity, and community, serving as a model for future urban
development within the Warner Center and beyond.
Detailed Description of the Proposed Mixed-Use Development:
• Residential Component: The development plans to introduce a diverse range of 346
units of housing options, from affordable units to luxury apartments, catering to a wide
demographic. The residential spaces are designed to maximize natural light, offer
expansive views of the surrounding cityscape, and provide residents with modern,
energy-efficient living environments.
• Commercial Spaces: Ground-level commercial spaces are envisioned to host a variety of
local and brand-name retailers, cafes, and restaurants, creating a vibrant street-level
atmosphere. These spaces are designed to be flexible, accommodating a range of business
types and sizes, and encouraging pedestrian activity throughout the day.
• Community Spaces: Central to the project's design is the inclusion of a park and ample
community spaces, including public plazas, green rooftops, and recreational areas. These
spaces are intended to foster social interaction, community engagement, and recreational
activities, contributing to the overall vibrancy and livability of the development.
(A Dall-E rendering of the proposed site integrating LED lighting and efficient systems, rooftop gardens for biodiversity, and solar panels with
water-saving technologies, embodying sustainability in energy, greenery, and resource conservation.)
Integration of Sustainable Design Principles and Green Technologies:
• Energy Efficiency: The development will incorporate cutting-edge energy-efficient
technologies, including LED lighting, high-efficiency HVAC systems, and smart building
management systems to minimize energy consumption and reduce the carbon footprint.
• Green Roofs and Urban Greenery: Green roofs and strategically placed landscaping
will not only enhance the aesthetic appeal of the development but also contribute to urban
cooling, stormwater management, and biodiversity.
• Solar Panels: The installation of solar panels on rooftops and other suitable surfaces will
generate renewable energy, reducing reliance on fossil fuels and lowering operational
costs.
• Water Conservation: Water-saving fixtures, rainwater harvesting systems, and efficient
irrigation practices will be implemented to minimize water use and promote
sustainability.
• Sustainable Materials: Construction materials will be selected based on sustainability
criteria, prioritizing recycled, renewable, and low-impact resources to reduce the
environmental footprint of the development.
• Transportation: The design includes provisions for electric vehicle charging stations,
secure bicycle parking, and easy access to public transit, encouraging the use of
sustainable transportation options.
The project is not only designed to meet the current needs of the Warner Center community but
also to anticipate and adapt to future challenges and opportunities, ensuring its relevance and
resilience for years to come.
6. Market Analysis: See attached tab on financial pro-forma
• Pro Forma Rent Estimates:
• Residential market rate at $3.35/SF; affordable units at $1.28/SF.
• Retail spaces at $35/SF NNN.
• Parking Income Estimates:
• Residential parking at $100/month.
• Commercial parking at $150/month.
• Parking Strategy: The project employs a TOD incentive to reduce parking requirements,
fostering public transit usage, and walking, consistent with sustainable urban planning.
• Project Timing:
• Anticipated exit strategy execution in Year 10.
The Canoga Park-Warner Center market displays a robust rental landscape, with studio units
averaging $2,340 per month across various square footages and immediate availabilities. One-
bedroom units show a slight price variation, mostly hovering around the $2,440-mark, indicative
of stable demand. The two-bedroom offerings present a range from $2,903 to over $3,675,
reflecting a premium for additional space and amenities. The market extends to three-bedroom
options, where rents escalate to upwards of $3,711, catering to larger families or shared living
arrangements. The diverse unit types and pricing tiers underscore the area's appeal to a broad
demographic, from singles to larger families, aligning with the region's growing residential
appeal. The avg price per sq ft averages from $3-$4.25 for the residential component shown
below.
2 bd, 2 bath-$2,903-$2,995.
1,075 sqft.
2 bd, 2 bath $3,115-3,138.
1,314 sqft
Current Market Demand for Mixed-Use Developments:
The multifamily market research indicates a robust demand for residential units, highlighting a
trend towards urban living that values convenience and accessibility. The strength in the
multifamily sector, characterized by low vacancy rates and rising rents, suggests a favorable
environment for the residential component of mixed-use developments.
The retail market figures reveal a nuanced picture, with certain segments showing resilience and
others undergoing transformation, reflecting changing consumer behaviors and the impact of e-
commerce. However, strategically located retail spaces, especially those that provide essential
services or unique shopping and dining experiences, continue to attract interest.
Demographic Trends and Competitor Projects:
Demographic trends underscore a growing preference for mixed-use environments that offer a
blend of residential, work, and leisure spaces. Young professionals and millennials, in particular,
seek out communities that provide lifestyle amenities and opportunities for social interaction
within walking distance of their homes.
Analysis of Notable Competitor Projects:
In Warner Center, residential developments typically range from about 100 to over 500 units per
project. For instance:
1. The Q Topanga is a significant residential development that added 347 units.
2. Clarendon Apartments offered around 335 units.
3. The Q Variel features approximately 275 units.
These examples reflect the typical scale of new residential developments in Warner Center,
aligning with the area’s strategic plan to enhance density and support a growing urban
environment. These projects are part of a broader effort under the Warner Center 2035 Plan,
which envisions adding several thousand new residential units to the area by 2035.
A notable competitor, "The Alcove" at 21300 W. Oxnard Street, represents a significant
addition to the affordable housing segment within the Warner Center. Slated for two phases, The
Alcove aims to introduce 301 apartments targeting households earning between 30 and 80
percent of the area median income. This project, featuring amenities and publicly accessible
open spaces, underlines the competitive landscape's tilt towards inclusive, community-focused
developments.
The proposed project at 6464 Canoga Avenue by Toll Brothers introduces a modern, eight-
story mixed-use complex featuring 276 apartments above 4,000 square feet of commercial space,
targeting a blend of market-rate and very low-income households. This development, leveraging
density bonuses for zoning incentives, showcases an innovative design with publicly accessible
open spaces. It stands as a significant competitor within Warner Center, reflecting the area's
growing trend towards multifamily and mixed-use projects, contributing to the diversification
and urbanization of the local housing market.
The Los Angeles Rams' new practice facility at 21555 Oxnard Street signifies a major
investment in Warner Center, complementing Stan Kroenke's broader vision for the area that
includes residential, commercial, and retail developments. This project, part of Kroenke's
significant land acquisitions in the area, underscores an expanding sports and community
footprint, potentially influencing the competitive landscape for local developments by integrating
sports, living, and shopping spaces into the Warner Center community.
The Q De Soto development at 6109 N. De Soto Avenue represents a significant addition to
Warner Center's mixed-use landscape. This project, featuring 376 apartments and 24,000 square
feet of office and retail space, underscores a growing trend toward integrating residential living
with commercial amenities. Designed with contemporary architecture and extensive amenities,
including a club room and pool courtyards, the Q De Soto enhances the competitive environment
for mixed-use developments in the area, catering to a demand for sophisticated urban living
spaces.
This analysis suggests that the proposed mixed-use development at 6620 Canoga Ave is well-
positioned to capitalize on current market trends and demographic preferences. The project's
focus on sustainability, community spaces, and a strategic mix of residential and retail offerings
aligns with the evolving needs and desires of the Los Angeles population.
(Dall-E rendering of site)
7. Sustainability Initiatives
The 6620 Canoga Ave development will be a paragon of modern sustainability, integrating
advanced energy-efficient technologies and environmentally conscious practices. The inclusion
of LED lighting, high-efficiency HVAC, and smart building systems will significantly minimize
energy consumption and carbon emissions. Green roofs and urban landscaping will play a dual
role, enhancing aesthetic value while contributing to ecological balance through urban cooling,
stormwater management, and increased biodiversity. Solar panel installations will bolster the
generation of clean energy, further reducing the development's reliance on fossil fuels.
Water conservation is another critical component, with the implementation of high-efficiency
fixtures and rainwater harvesting systems designed to sustainably manage water resources. The
selection of building materials will be guided by environmental sustainability, favoring recycled,
renewable, and low-impact resources to reduce the development's ecological footprint.
Supporting sustainable transportation options, the project will feature electric vehicle charging
stations and secure bicycle parking, complemented by convenient access to public transit,
encouraging a shift towards greener transportation methods. Together, these initiatives will not
only lower the project's environmental impact but also provide tangible benefits to residents and
the surrounding community, creating a blueprint for sustainable urban living.
8. Financial Projections and Economic Analysis - See attached Excel Sheet
Key Financial Metrics
• Total Development Costs: $184.121 million
• Unlevered IRR (Internal Rate of Return): 10.50%
• Levered IRR: 18.32%
• Equity Multiple: 3.66x
Analysis
Unlevered vs Levered Performance
• Unlevered IRR at 10.50% represents the project's return without considering any debt
financing. This rate indicates a lower risk but a more modest return investment, reflecting
stable but less aggressive growth expectations.
• Levered IRR at 18.32% is significantly higher, illustrating the effect of using debt
financing to enhance returns. This method increases potential yield but also introduces
higher risks associated with debt obligations.
Equity Multiple
• An equity multiple of 3.66x suggests that for every dollar invested, the investor will
receive $3.66 over the life of the investment. This high multiple indicates a potentially
lucrative investment, showing robust return prospects.
Development and Operational Cash Flows
• Total development costs of $184.121 million underscore a significant investment in the
project, with the leveraging strategy playing a pivotal role in financing.
• Projected operational and developmental cash flows suggest strong revenue
generation from residential, retail, and office components, essential for achieving the
anticipated returns.
Risk Considerations
• Dependency on projected revenue growth rates from various components is crucial.
Any deviation from these rates could significantly impact overall financial returns.
• Managing operating expenses and vacancy rates is critical to realizing the projected
net income and sustaining financial health.
The financial analysis of Canoga Gardens highlights a well-structured approach to leveraging
and cost management, promising high returns on equity. However, the inherent risks with high
leverage, particularly in fluctuating economic conditions, require careful consideration. Investors
should weigh the robustness of revenue projections and the ability of management to execute the
plan effectively against the potential high yield from the investment.
9. Feasibility/ Risk Analysis and Mitigation Strategies
The Canoga Gardens project demonstrates a strong financial potential with a Levered Internal
Rate of Return (IRR) of over 18% and an Equity Multiple of 3x, suggesting a robust return on
investment. Projected profits indicate a 17% return on costs, highlighting the project's revenue-
generating capability.
However, there exists a financial gap when factoring in the developer's expected profit, which
necessitates a strategic approach to manage development costs or increase project value. The
reliance on debt financing amplifies potential returns but also introduces additional risk,
particularly if market conditions fluctuate or if interest rates rise. While current market trends in
Warner Center favor residential and commercial developments, external factors such as
construction delays, regulatory changes, and cost overruns present notable risks.
Comprehensive due diligence and expert consultation are advised to ensure a realistic assessment
and to formulate risk mitigation strategies. The project, contingent upon maintaining favorable
debt terms and market demand, shows promise as a lucrative investment opportunity with careful
management and execution.
Potential Risks: The project may encounter market fluctuations that affect housing demand and
prices. Construction delays could arise from supply chain disruptions, labor shortages, or
unforeseen site conditions. Additionally, regulatory changes or community opposition could
impact project timelines and costs.
Mitigation Strategies: To mitigate market risks, we will establish flexible pricing strategies and
maintain a financial reserve. For construction delays, we'll employ robust project management
practices, including contingency planning and diversified supplier relationships. Engaging with
the community and local stakeholders early in the process will be crucial to navigating regulatory
environments and garnering support. Additionally, we will maintain compliance with all zoning
and planning regulations to prevent legal challenges.
10. Construction & Implementation Timeline
Construction Cost & Timing:
• Shell Cost: $275/SF
• Construction Period: 30 months
• Residential Lease-Up: 12 months
• Retail Lease-Up: 6 months
Key Milestones:
1. Project Inception: Finalizing project design and obtaining necessary approvals.
2. Groundbreaking: Commencement of site preparation and construction.
3. Structural Completion: Finishing the core and shell of the buildings.
4. Exterior and Interior Work: Completing architectural finishes and installing systems.
5. Landscaping and External Amenities: Finalizing outdoor spaces and public areas.
6. Regulatory Compliance Checks: Ensuring all aspects meet local codes and regulations.
7. Final Inspections and Permits: Obtaining occupancy and other necessary permits.
8. Grand Opening: Official opening of the development for residents and businesses.
Estimated Timeline:
• Commencement: Q3 2024
• Groundbreaking: Q4 2024
• Structural Completion: Q2 2026 (Construction continues immediately after
groundbreaking and is completed within approximately 1.5 years)
• Exterior and Interior Work: Completed by Q4 2026 (Works proceed swiftly after
structural completion)
• Landscaping and External Amenities: Q1 2027 (Landscaping begins as interior work is
being wrapped up)
• Compliance Checks and Inspections: Q2 2027 (Compliance checks are conducted
alongside final interior touches)
• Final Inspections and Permits: Q3 2027 (Inspections are carried out promptly to ensure
on-time project delivery)
• Grand Opening: Q4 2027 (Project is finalized and ready for opening)
The construction and preconstruction phases fit within a 3-year period, concluding by Q4 2027.
11. Community Impact and Engagement
Expected Benefits for the Local Community: The redevelopment at 6620 Canoga Ave aims to
offer substantial benefits, including the introduction of diverse housing options to cater to
various income levels, the creation of job opportunities during and post-construction, and the
provision of community amenities that promote social cohesion and recreation.
Strategies for Community Engagement and Feedback: To ensure these benefits are in line
with community needs, a robust engagement strategy will be employed, spearheaded by the
expertise of a local public engagement firm. This strategy will involve:
• Targeted Outreach: Implementing data-driven outreach initiatives to reach a broad
cross-section of the community, ensuring diverse input that reflects the whole
community.
• Interactive Platforms: Utilizing user-friendly digital platforms for surveys and
feedback, allowing convenient and wide-reaching community participation.
• In-Person Workshops and Forums: Hosting collaborative sessions to discuss
development plans, gather input, and address concerns directly with community
members.
• Ongoing Feedback Integration: Establishing a loop where community feedback is
continuously sought and incorporated throughout the development process, fostering
community buy-in and support.
• Transparency in Communication: Regular updates to the community on progress and
how input is shaping the project, maintaining an open and transparent dialogue.
Through these efforts, the project will not only contribute to the physical development of Warner
Center but also ensure that the growth fosters a vibrant, engaged, and thriving community.
12. Conclusion
The redevelopment of 6620 Canoga Ave The Canoga gardens at 6620 is poised to significantly
enhance the Warner Center by introducing a pioneering mixed-use development. It aligns with
the Warner Center 2035 Specific Plan, aiming to create a vibrant, inclusive community hub. This
project is designed to meet the growing demand for mixed-use spaces, integrating affordable
housing, local retail offerings, and green technologies. It represents a strategic response to urban
challenges, promoting sustainable growth and community-oriented lifestyles. Through
comprehensive planning and community engagement, it sets a new standard for future
developments, contributing to the evolution of sustainable urban living.
13.References & Data
References & Data
• "ArcGIS." Esri. Accessed April 10, 2024. https://www.esri.com/en-
us/arcgis/about-arcgis/overview.
• "California Construction Cost Index (CCCI)." Department of General
Services, State of California. Accessed April 10, 2024.
https://www.dgs.ca.gov/RESD/Resources/Page-Content/Real-Estate-Services-Division-
Resources-List-Folder/DGS-California-Construction-Cost-Index-CCCI.
• "Comprehensive Plan." Accessed April 10, 2024.
[https://planning.lacity.gov/complan/specplan/pdf/WarnerC.pdf].
• "CoStar | Commercial Real Estate Information." CoStar Group. Accessed
April 10, 2024. http://www.costar.com.
• "DALLE-2 Image Generator." Open AI. Accessed April 10, 2024.
https://openai.com/dall-e-2.“AI generated Photos."
• "The Real Deal | New York Real Estate News." The Real Deal. Accessed
April 10, 2024. https://therealdeal.com.
• "Time Warner Center Plan." Accessed April 10, 2024.
[https://planning.lacity.gov/complan/specplan/pdf/WarnerC.pdf].
• "ZIMAS - City of Los Angeles." Los Angeles City Planning. Accessed
April 10, 2024. https://planning.lacity.gov/zoning/zoning-search.

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The Canoga Gardens Development Project. PDF

  • 1. 1. Executive Summary • Overview of the project's goals and significance. • Brief on the integration of residential, retail, and community spaces. 2. Introduction • Context about the Warner Center and the specific site. • Importance of the project to the local community and broader urban development goals. 3. Site Analysis • Description of the location, including maps and photographs. • Analysis of site strengths, weaknesses, and potential synergies. • Neighborhood and Nearby Developments 4. Zoning and Regulatory Compliance • Detailed overview of applicable zoning regulations (e.g., (WC)UPTOWN-SN- RIO). • Summary of compliance with Warner Center 2035 Specific Plan and other local ordinances. 5. Project Concept and Design • Detailed description of the proposed mixed-use development. • Integration of sustainable design principles and green technologies. 6. Market Analysis • Examination of the current market demand for mixed-use developments. • Analysis of demographic trends and competitor projects. 7. Sustainability Initiatives • Overview of green technologies and sustainability practices to be incorporated. • Potential environmental impact and benefits. 8. Financial Projections and Economic Analysis • Development budget, including acquisition, construction, and soft costs. • Operating projections, revenue models, and financial viability. 9. Feasibility/Risk Analysis and Mitigation Strategies • Identification of potential risks (market fluctuations, construction delays). • Proposed mitigation strategies. 10. Construction & Implementation Timeline • Key milestones and phases of development. • Estimated timeline from commencement to completion. 11. Community Impact and Engagement • Expected benefits for the local community. • Strategies for community engagement and feedback. 12. Conclusion • Summary of the project's potential to enhance the Warner Center. • Final thoughts on the project's contribution to sustainable urban development. 13. References & Data • Data and reference sources.
  • 2. Current Site: 6620 Canoga Ave, Los Angeles, CA 90039 ArcGIS-Esri Map of site 6620 Canoga Ave ArcGIS-Esri Map of site 6620 Canoga Ave) Proposed Development: Canoga Gardens at 6620: Residential, Retail, Grocery, Park 2/17/24, 12:43AM ArcGIS- My Map https://www.arcgis.com/home/webmap/print.html 1/1 Maxar | Esri Community Maps Contributors, County of Los Angeles, California State Parks, © OpenStreetMap, Microsoft, Esri, TomTom, Garmin, SafeGraph, GeoTechnologies, Inc, METI/NASA, USGS, Bureau of Land Management, EPA, NPS, US Census Bureau, USDA, USFWS My Map No legend 300ft Canoga Gardens at 6620 Canoga 6620: Residential, Retail, Grocery, Park
  • 3. Executive Summary The proposed redevelopment of 6620 Canoga Ave, Los Angeles, CA 90039, aims to transform this site into a leading example of mixed-use development, aligning with the Warner Center 2035 Specific Plan's vision for a sustainable, vibrant, and inclusive community. Encompassing residential, retail, and community spaces, the project leverages the strategic location within the Warner Center to foster economic growth, social cohesion, and environmental sustainability. This development is designed to meet the growing demand for mixed-use spaces in Los Angeles, providing affordable housing options, enhancing local retail offerings, and integrating green technologies such as solar panels, green roofs, and an electric bike-sharing program. By doing so, it addresses key urban challenges, including housing affordability, sustainable urban growth, and the promotion of active, community-oriented lifestyles. The project's strategic approach includes navigating the complexities of local zoning regulations, including (WC)UPTOWN-SN-RIO and various Zoning Information (ZI) overlays, to maximize development potential while adhering to the Warner Center's overarching goals. With a focus on creating a development that is both financially viable and socially beneficial, the proposal sets forth a plan for a dynamic community hub that will serve as a model for future urban development projects. Introduction The Warner Center, nestled in the western part of the San Fernando Valley within the City of Los Angeles, represents a pivotal area for urban development and community revitalization. This strategic hub, envisioned as a model for the future of urban living, combines residential, commercial, and community spaces to create a vibrant, sustainable environment. The site at 6620 Canoga Ave, spanning an impressive 165,566.7 square feet, lies at the heart of this dynamic district. It is poised for redevelopment that aligns with the ambitious Warner Center 2035 Specific Plan, which aims to foster a "live, work, play" community through enhanced connectivity, sustainability, and mixed-use development. The project at 6620 Canoga Ave is not just a development; it's a transformative initiative that underscores the importance of thoughtful urban planning and community-oriented design. Situated within a district that has been earmarked for significant growth and development, this project is uniquely positioned to contribute to the Warner Center's evolution. It stands as a testament to the potential for mixed-use developments to enhance urban livability, reduce reliance on automobile transportation, and provide a cohesive blend of affordable housing, retail, and green spaces. The significance of this project extends beyond its physical boundaries. It represents a critical step forward in realizing the vision of the Warner Center as a leading example of modern, sustainable urban development. By aligning with the Warner Center 2035 Specific Plan, the project contributes to a broader strategy aimed at balancing growth with livability, ensuring that the Warner Center remains a vibrant and attractive destination for residents, businesses, and visitors alike.
  • 4. Furthermore, the development of 6620 Canoga Ave addresses pressing urban development goals, including the need for more affordable housing, the promotion of sustainable building practices, and the creation of public spaces that foster community engagement. In doing so, it not only meets the immediate needs of the local community but also sets a precedent for future development within the Warner Center and similar urban areas. Through this project, we have the opportunity to model how urban spaces can be designed to meet the challenges of the 21st century, ensuring that they are resilient, inclusive, and capable of enhancing the quality of life for all residents. The redevelopment of 6620 Canoga Ave is a pivotal project that will play a significant role in shaping the future of the Warner Center. It embodies the principles of sustainability, community, and innovation that are crucial for the success of urban development in today's world, promising to deliver a landmark development that will benefit the local community and serve as a blueprint for future projects. (Dall-E rendering of site) 3. Site Analysis Location Description: 6620 Canoga Ave is strategically located in the Uptown District of the Warner Center, an area designated for mixed-use development that encourages a harmonious blend of living and working spaces. The site's proximity to the Canoga Metro Orange Line station and other transit options enhances its accessibility, making it a prime location for redevelopment.
  • 5. Strengths: • Proximity to Transit Options: The site's location near the Canoga Metro Orange Line station provides excellent connectivity, facilitating ease of access to the wider Los Angeles area. • Community Amenities: The surrounding area is rich in community amenities, including parks, shops, and entertainment venues, which enhance the livability of the proposed development. • Neighborhood Vision: The project aligns with the vision of creating a complete neighborhood that supports residential repurposing, attracting a diverse population and fostering a sense of community. Weaknesses: • Green and Recreational Spaces: One of the challenges will be ensuring that the development includes adequate green and recreational spaces to meet the needs of residents. • Integration with Existing Developments: The project must carefully integrate new residential developments with existing commercial and office spaces to maintain a balanced urban fabric. Synergies: • The redevelopment's focus on residential use complements the district's mixed-use development vision, potentially creating synergies that enhance community vibrancy and diversity. Neighborhood and Nearby Developments: The Warner Center is envisioned as a dynamic mixed-use area, with nearby developments including office buildings, shopping centers, and residential projects. This comprehensive urban environment supports the project's objectives of enhancing livability and creating a balanced community. Current Designation and Development Potential: • Under the Warner Center 2035 Plan, the Uptown District is designated for mixed-use development, with a base maximum FAR of 4.5, indicating significant potential for residential density. The project aims to leverage this potential to offer comprehensive living solutions that contribute to the area's sustainability and community focus. 4. Zoning and Regulatory Compliance • Height Limitation: Uncapped, subject to review for buildings above 75 feet. • Density Flexibility: No imposed limit, endorsing high-density developments. • FAR Allocation: Unrestricted, providing full land use optimization. • Site Expanse: 495,000 square feet GBA, supporting extensive mixed-use projects.
  • 6. The redevelopment project at 6620 Canoga Ave is strategically positioned within the regulatory framework of the Warner Center and the City of Los Angeles, adhering to a comprehensive set of zoning regulations and planning guidelines. Central to this framework is the (WC)UPTOWN- SN-RIO zoning designation, which facilitates the integration of mixed-use developments, aligning with the broader objectives of the Warner Center 2035 Specific Plan. Applicable Zoning Regulations: • (WC)UPTOWN-SN-RIO Zoning: This specific zoning classification underscores the project's alignment with the Warner Center's vision for uptown districts, encouraging developments that blend residential, commercial, and community spaces. It supports the creation of a vibrant, walkable community, emphasizing the importance of transit accessibility and sustainable urban living. • Zoning Information (ZI) Overlays: Multiple ZI overlays apply to the project, including regulations related to emergency temporary measures, state enterprise zones, and transit priority areas. These overlays provide a regulatory framework that supports the project's goals of sustainable development, enhanced connectivity, and economic growth. Compliance with Warner Center 2035 Specific Plan: The Warner Center 2035 Specific Plan outlines a vision for the area's development over the next several decades, emphasizing sustainability, livability, and economic vitality. The project at 6620 Canoga Ave has been designed with these principles in mind, ensuring compliance with the specific plan's guidelines on land use, urban design, and environmental sustainability. Key aspects of compliance include: • Mixed-Use Development: The project's integration of residential, retail, and community spaces aligns with the Specific Plan's encouragement of mixed-use developments that cater to a diverse range of needs and activities within the Warner Center. • Sustainability Initiatives: Incorporating green technologies and sustainable design practices, the project adheres to the Specific Plan's emphasis on environmental stewardship and resilience. • Transit-Oriented Design: Proximity to the Canoga Metro Orange Line station and adherence to transit priority area guidelines underscore the project's commitment to reducing reliance on personal vehicles and promoting alternative modes of transportation. Local Ordinances and Additional Codes: In addition to the Warner Center 2035 Specific Plan, the project complies with relevant local ordinances, including urban design guidelines, parking standards, and land use incentives aimed at promoting sustainable and community-focused development. These include: • Urban Design Guidelines: Ensuring the project contributes positively to the urban fabric of the Warner Center, with an emphasis on pedestrian-friendly design and active street frontages. • Parking Standards: Adhering to adjusted parking requirements based on residential unit count and type, reflecting the project's commitment to reducing vehicular congestion and promoting sustainable transportation options. • Land Use Incentives: Leveraging incentives for increased density and FAR, the project aims to provide affordable housing options and public open spaces, furthering the goals of the Warner Center 2035 Specific Plan.
  • 7. Brief Zoning Code Analysis for Residential Repurposing: This analysis demonstrates how repurposing for residential use within the Uptown District aligns with the broader objectives of the Warner Center 2035 Plan, leveraging the area's mixed-use zoning to create a diverse, sustainable urban environment. Key zoning code aspects and specifications include: • Maximum Height: Unlimited, with conditions for projects over 75 feet. • Parking Requirements: Adjusted based on residential unit count and type, with specific ratios for guest and residential parking. • Required Front Yard Setback: 12 to 15 feet, with flexibility for projects not on active street frontages. • Required Side/Back Yard Setback: Determined by project specifics, emphasizing urban design considerations. • Maximum Density: Dictated by FAR and planning criteria, encouraging dense, mixed- use development. • Maximum Floor Area Ratio (FAR): 4.5:base, with potential for increases through incentives. The project may qualify for development bonuses for incorporating features such as a grocery store, fully subterranean parking, local serving retail, public spaces, and an intensity FAR bonus of 0.5:for community facilities. These bonuses enhance the project's feasibility and alignment with the Warner Center's vision for a comprehensive urban environment. (ArcGIS-Esri Map of site 6620 Canoga Ave.) (Dall-E rendering of site) 5. Project Concept and Design The proposed redevelopment of 6620 Canoga Ave is envisioned as a pioneering 346 units with 20% affordable housing and mixed-use development, seamlessly integrating residential, retail, grocery and community-focused spaces such as a park. This project is designed to embody the principles of sustainability, connectivity, and community, serving as a model for future urban development within the Warner Center and beyond. Detailed Description of the Proposed Mixed-Use Development: • Residential Component: The development plans to introduce a diverse range of 346 units of housing options, from affordable units to luxury apartments, catering to a wide demographic. The residential spaces are designed to maximize natural light, offer
  • 8. expansive views of the surrounding cityscape, and provide residents with modern, energy-efficient living environments. • Commercial Spaces: Ground-level commercial spaces are envisioned to host a variety of local and brand-name retailers, cafes, and restaurants, creating a vibrant street-level atmosphere. These spaces are designed to be flexible, accommodating a range of business types and sizes, and encouraging pedestrian activity throughout the day. • Community Spaces: Central to the project's design is the inclusion of a park and ample community spaces, including public plazas, green rooftops, and recreational areas. These spaces are intended to foster social interaction, community engagement, and recreational activities, contributing to the overall vibrancy and livability of the development. (A Dall-E rendering of the proposed site integrating LED lighting and efficient systems, rooftop gardens for biodiversity, and solar panels with water-saving technologies, embodying sustainability in energy, greenery, and resource conservation.) Integration of Sustainable Design Principles and Green Technologies: • Energy Efficiency: The development will incorporate cutting-edge energy-efficient technologies, including LED lighting, high-efficiency HVAC systems, and smart building management systems to minimize energy consumption and reduce the carbon footprint. • Green Roofs and Urban Greenery: Green roofs and strategically placed landscaping will not only enhance the aesthetic appeal of the development but also contribute to urban cooling, stormwater management, and biodiversity.
  • 9. • Solar Panels: The installation of solar panels on rooftops and other suitable surfaces will generate renewable energy, reducing reliance on fossil fuels and lowering operational costs. • Water Conservation: Water-saving fixtures, rainwater harvesting systems, and efficient irrigation practices will be implemented to minimize water use and promote sustainability. • Sustainable Materials: Construction materials will be selected based on sustainability criteria, prioritizing recycled, renewable, and low-impact resources to reduce the environmental footprint of the development. • Transportation: The design includes provisions for electric vehicle charging stations, secure bicycle parking, and easy access to public transit, encouraging the use of sustainable transportation options. The project is not only designed to meet the current needs of the Warner Center community but also to anticipate and adapt to future challenges and opportunities, ensuring its relevance and resilience for years to come. 6. Market Analysis: See attached tab on financial pro-forma • Pro Forma Rent Estimates: • Residential market rate at $3.35/SF; affordable units at $1.28/SF. • Retail spaces at $35/SF NNN. • Parking Income Estimates: • Residential parking at $100/month. • Commercial parking at $150/month. • Parking Strategy: The project employs a TOD incentive to reduce parking requirements, fostering public transit usage, and walking, consistent with sustainable urban planning. • Project Timing: • Anticipated exit strategy execution in Year 10. The Canoga Park-Warner Center market displays a robust rental landscape, with studio units averaging $2,340 per month across various square footages and immediate availabilities. One- bedroom units show a slight price variation, mostly hovering around the $2,440-mark, indicative of stable demand. The two-bedroom offerings present a range from $2,903 to over $3,675, reflecting a premium for additional space and amenities. The market extends to three-bedroom options, where rents escalate to upwards of $3,711, catering to larger families or shared living arrangements. The diverse unit types and pricing tiers underscore the area's appeal to a broad demographic, from singles to larger families, aligning with the region's growing residential appeal. The avg price per sq ft averages from $3-$4.25 for the residential component shown below.
  • 10. 2 bd, 2 bath-$2,903-$2,995. 1,075 sqft. 2 bd, 2 bath $3,115-3,138. 1,314 sqft Current Market Demand for Mixed-Use Developments: The multifamily market research indicates a robust demand for residential units, highlighting a trend towards urban living that values convenience and accessibility. The strength in the multifamily sector, characterized by low vacancy rates and rising rents, suggests a favorable environment for the residential component of mixed-use developments. The retail market figures reveal a nuanced picture, with certain segments showing resilience and others undergoing transformation, reflecting changing consumer behaviors and the impact of e- commerce. However, strategically located retail spaces, especially those that provide essential services or unique shopping and dining experiences, continue to attract interest. Demographic Trends and Competitor Projects: Demographic trends underscore a growing preference for mixed-use environments that offer a blend of residential, work, and leisure spaces. Young professionals and millennials, in particular, seek out communities that provide lifestyle amenities and opportunities for social interaction within walking distance of their homes. Analysis of Notable Competitor Projects: In Warner Center, residential developments typically range from about 100 to over 500 units per project. For instance: 1. The Q Topanga is a significant residential development that added 347 units. 2. Clarendon Apartments offered around 335 units. 3. The Q Variel features approximately 275 units. These examples reflect the typical scale of new residential developments in Warner Center, aligning with the area’s strategic plan to enhance density and support a growing urban
  • 11. environment. These projects are part of a broader effort under the Warner Center 2035 Plan, which envisions adding several thousand new residential units to the area by 2035. A notable competitor, "The Alcove" at 21300 W. Oxnard Street, represents a significant addition to the affordable housing segment within the Warner Center. Slated for two phases, The Alcove aims to introduce 301 apartments targeting households earning between 30 and 80 percent of the area median income. This project, featuring amenities and publicly accessible open spaces, underlines the competitive landscape's tilt towards inclusive, community-focused developments. The proposed project at 6464 Canoga Avenue by Toll Brothers introduces a modern, eight- story mixed-use complex featuring 276 apartments above 4,000 square feet of commercial space, targeting a blend of market-rate and very low-income households. This development, leveraging density bonuses for zoning incentives, showcases an innovative design with publicly accessible open spaces. It stands as a significant competitor within Warner Center, reflecting the area's growing trend towards multifamily and mixed-use projects, contributing to the diversification and urbanization of the local housing market. The Los Angeles Rams' new practice facility at 21555 Oxnard Street signifies a major investment in Warner Center, complementing Stan Kroenke's broader vision for the area that includes residential, commercial, and retail developments. This project, part of Kroenke's significant land acquisitions in the area, underscores an expanding sports and community footprint, potentially influencing the competitive landscape for local developments by integrating sports, living, and shopping spaces into the Warner Center community. The Q De Soto development at 6109 N. De Soto Avenue represents a significant addition to Warner Center's mixed-use landscape. This project, featuring 376 apartments and 24,000 square feet of office and retail space, underscores a growing trend toward integrating residential living with commercial amenities. Designed with contemporary architecture and extensive amenities, including a club room and pool courtyards, the Q De Soto enhances the competitive environment for mixed-use developments in the area, catering to a demand for sophisticated urban living spaces. This analysis suggests that the proposed mixed-use development at 6620 Canoga Ave is well- positioned to capitalize on current market trends and demographic preferences. The project's focus on sustainability, community spaces, and a strategic mix of residential and retail offerings aligns with the evolving needs and desires of the Los Angeles population.
  • 12. (Dall-E rendering of site) 7. Sustainability Initiatives The 6620 Canoga Ave development will be a paragon of modern sustainability, integrating advanced energy-efficient technologies and environmentally conscious practices. The inclusion of LED lighting, high-efficiency HVAC, and smart building systems will significantly minimize energy consumption and carbon emissions. Green roofs and urban landscaping will play a dual role, enhancing aesthetic value while contributing to ecological balance through urban cooling, stormwater management, and increased biodiversity. Solar panel installations will bolster the generation of clean energy, further reducing the development's reliance on fossil fuels. Water conservation is another critical component, with the implementation of high-efficiency fixtures and rainwater harvesting systems designed to sustainably manage water resources. The selection of building materials will be guided by environmental sustainability, favoring recycled, renewable, and low-impact resources to reduce the development's ecological footprint. Supporting sustainable transportation options, the project will feature electric vehicle charging stations and secure bicycle parking, complemented by convenient access to public transit, encouraging a shift towards greener transportation methods. Together, these initiatives will not only lower the project's environmental impact but also provide tangible benefits to residents and the surrounding community, creating a blueprint for sustainable urban living. 8. Financial Projections and Economic Analysis - See attached Excel Sheet Key Financial Metrics • Total Development Costs: $184.121 million
  • 13. • Unlevered IRR (Internal Rate of Return): 10.50% • Levered IRR: 18.32% • Equity Multiple: 3.66x Analysis Unlevered vs Levered Performance • Unlevered IRR at 10.50% represents the project's return without considering any debt financing. This rate indicates a lower risk but a more modest return investment, reflecting stable but less aggressive growth expectations. • Levered IRR at 18.32% is significantly higher, illustrating the effect of using debt financing to enhance returns. This method increases potential yield but also introduces higher risks associated with debt obligations. Equity Multiple • An equity multiple of 3.66x suggests that for every dollar invested, the investor will receive $3.66 over the life of the investment. This high multiple indicates a potentially lucrative investment, showing robust return prospects. Development and Operational Cash Flows • Total development costs of $184.121 million underscore a significant investment in the project, with the leveraging strategy playing a pivotal role in financing. • Projected operational and developmental cash flows suggest strong revenue generation from residential, retail, and office components, essential for achieving the anticipated returns. Risk Considerations • Dependency on projected revenue growth rates from various components is crucial. Any deviation from these rates could significantly impact overall financial returns. • Managing operating expenses and vacancy rates is critical to realizing the projected net income and sustaining financial health. The financial analysis of Canoga Gardens highlights a well-structured approach to leveraging and cost management, promising high returns on equity. However, the inherent risks with high leverage, particularly in fluctuating economic conditions, require careful consideration. Investors should weigh the robustness of revenue projections and the ability of management to execute the plan effectively against the potential high yield from the investment. 9. Feasibility/ Risk Analysis and Mitigation Strategies The Canoga Gardens project demonstrates a strong financial potential with a Levered Internal Rate of Return (IRR) of over 18% and an Equity Multiple of 3x, suggesting a robust return on investment. Projected profits indicate a 17% return on costs, highlighting the project's revenue- generating capability. However, there exists a financial gap when factoring in the developer's expected profit, which necessitates a strategic approach to manage development costs or increase project value. The
  • 14. reliance on debt financing amplifies potential returns but also introduces additional risk, particularly if market conditions fluctuate or if interest rates rise. While current market trends in Warner Center favor residential and commercial developments, external factors such as construction delays, regulatory changes, and cost overruns present notable risks. Comprehensive due diligence and expert consultation are advised to ensure a realistic assessment and to formulate risk mitigation strategies. The project, contingent upon maintaining favorable debt terms and market demand, shows promise as a lucrative investment opportunity with careful management and execution. Potential Risks: The project may encounter market fluctuations that affect housing demand and prices. Construction delays could arise from supply chain disruptions, labor shortages, or unforeseen site conditions. Additionally, regulatory changes or community opposition could impact project timelines and costs. Mitigation Strategies: To mitigate market risks, we will establish flexible pricing strategies and maintain a financial reserve. For construction delays, we'll employ robust project management practices, including contingency planning and diversified supplier relationships. Engaging with the community and local stakeholders early in the process will be crucial to navigating regulatory environments and garnering support. Additionally, we will maintain compliance with all zoning and planning regulations to prevent legal challenges. 10. Construction & Implementation Timeline Construction Cost & Timing: • Shell Cost: $275/SF • Construction Period: 30 months • Residential Lease-Up: 12 months • Retail Lease-Up: 6 months Key Milestones: 1. Project Inception: Finalizing project design and obtaining necessary approvals. 2. Groundbreaking: Commencement of site preparation and construction. 3. Structural Completion: Finishing the core and shell of the buildings. 4. Exterior and Interior Work: Completing architectural finishes and installing systems. 5. Landscaping and External Amenities: Finalizing outdoor spaces and public areas. 6. Regulatory Compliance Checks: Ensuring all aspects meet local codes and regulations. 7. Final Inspections and Permits: Obtaining occupancy and other necessary permits. 8. Grand Opening: Official opening of the development for residents and businesses. Estimated Timeline: • Commencement: Q3 2024 • Groundbreaking: Q4 2024
  • 15. • Structural Completion: Q2 2026 (Construction continues immediately after groundbreaking and is completed within approximately 1.5 years) • Exterior and Interior Work: Completed by Q4 2026 (Works proceed swiftly after structural completion) • Landscaping and External Amenities: Q1 2027 (Landscaping begins as interior work is being wrapped up) • Compliance Checks and Inspections: Q2 2027 (Compliance checks are conducted alongside final interior touches) • Final Inspections and Permits: Q3 2027 (Inspections are carried out promptly to ensure on-time project delivery) • Grand Opening: Q4 2027 (Project is finalized and ready for opening) The construction and preconstruction phases fit within a 3-year period, concluding by Q4 2027. 11. Community Impact and Engagement Expected Benefits for the Local Community: The redevelopment at 6620 Canoga Ave aims to offer substantial benefits, including the introduction of diverse housing options to cater to various income levels, the creation of job opportunities during and post-construction, and the provision of community amenities that promote social cohesion and recreation. Strategies for Community Engagement and Feedback: To ensure these benefits are in line with community needs, a robust engagement strategy will be employed, spearheaded by the expertise of a local public engagement firm. This strategy will involve: • Targeted Outreach: Implementing data-driven outreach initiatives to reach a broad cross-section of the community, ensuring diverse input that reflects the whole community. • Interactive Platforms: Utilizing user-friendly digital platforms for surveys and feedback, allowing convenient and wide-reaching community participation. • In-Person Workshops and Forums: Hosting collaborative sessions to discuss development plans, gather input, and address concerns directly with community members. • Ongoing Feedback Integration: Establishing a loop where community feedback is continuously sought and incorporated throughout the development process, fostering community buy-in and support. • Transparency in Communication: Regular updates to the community on progress and how input is shaping the project, maintaining an open and transparent dialogue. Through these efforts, the project will not only contribute to the physical development of Warner Center but also ensure that the growth fosters a vibrant, engaged, and thriving community. 12. Conclusion The redevelopment of 6620 Canoga Ave The Canoga gardens at 6620 is poised to significantly enhance the Warner Center by introducing a pioneering mixed-use development. It aligns with the Warner Center 2035 Specific Plan, aiming to create a vibrant, inclusive community hub. This
  • 16. project is designed to meet the growing demand for mixed-use spaces, integrating affordable housing, local retail offerings, and green technologies. It represents a strategic response to urban challenges, promoting sustainable growth and community-oriented lifestyles. Through comprehensive planning and community engagement, it sets a new standard for future developments, contributing to the evolution of sustainable urban living. 13.References & Data References & Data • "ArcGIS." Esri. Accessed April 10, 2024. https://www.esri.com/en- us/arcgis/about-arcgis/overview. • "California Construction Cost Index (CCCI)." Department of General Services, State of California. Accessed April 10, 2024. https://www.dgs.ca.gov/RESD/Resources/Page-Content/Real-Estate-Services-Division- Resources-List-Folder/DGS-California-Construction-Cost-Index-CCCI. • "Comprehensive Plan." Accessed April 10, 2024. [https://planning.lacity.gov/complan/specplan/pdf/WarnerC.pdf]. • "CoStar | Commercial Real Estate Information." CoStar Group. Accessed April 10, 2024. http://www.costar.com. • "DALLE-2 Image Generator." Open AI. Accessed April 10, 2024. https://openai.com/dall-e-2.“AI generated Photos." • "The Real Deal | New York Real Estate News." The Real Deal. Accessed April 10, 2024. https://therealdeal.com. • "Time Warner Center Plan." Accessed April 10, 2024. [https://planning.lacity.gov/complan/specplan/pdf/WarnerC.pdf]. • "ZIMAS - City of Los Angeles." Los Angeles City Planning. Accessed April 10, 2024. https://planning.lacity.gov/zoning/zoning-search.