A new mixed-use project has received funding for development at 6400 Canoga Avenue in downtown Woodland Hills. The project proposal includes the development of a residential high-rise and a four-story luxury hotel. The project site currently houses a three-story office building and a parking lot.
Los Angeles-based Sandstone Properties Inc is the project developer. WATG (Wimberly, Allison, Tong & Goo) is the project architect.
6400 Canoga Avenue Facade via WATG
Parkview Financial announced a $28 million loan to refinance the existing loan and to finance the pre-development of the project. The project site is a parcel spanning an area of 4.7 acres.
Sandstone Properties acquired the asset in February 2018 and has entitlements to develop a 650-unit, 35-story high-rise apartment building on the location of the existing parking structure. The entitlements also allow for the 10,000 square feet expansion of the existing office building and its conversion to a four-story, 240-unit luxury hotel.
The estimated construction timeline has not been announced yet.
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