A new residential project has been proposed for development at 4741 Libbit Avenue in Encino. The project proposal includes the construction of a new residential building rising six stories high, offering spaces for apartments and on-site parking.
An entity affiliated with Liv Lux Property Group, LLC is the project developer. Stockton Architects is designing the project.
Named Libbit 57, the project calls for the construction of a new six-story structure that would feature 57 residential units. The units are designed as a mix of two-bedroom and three-bedroom floor plans. The six-story will also provide on-site parking for 125 vehicles.
Requested entitlements include density bonus incentives to permit a larger structure than would normally be allowed by zoning rules. In exchange, nine of the new apartments would be set aside for rent by very low-income households for a period of 55 years. Renderings reveal a contemporary low-rise structure with a fitness center, a rooftop deck, and a recreation room.
Liv Lux Property Group acquired the land in March 2022 for roughly $7 million. The prior owner, Precision Development, LLC, had secured approvals for a five-story, 47-unit building on the land, but never broke ground on the project.
Earlier this month, a project application was filed, and the developer now seeks new entitlements. Project entitlements will require approval by the Los Angeles City Planning Commission. The estimated construction timeline has not been announced yet. The project site is located just south of Ventura Boulevard.
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