Plans for a billion-dollar development at the Warner Center site have been approved by the Los Angeles City Council. Construction is set to begin on this 24-acre complex in the west of the San Fernando Valley within two years, which is set to have a vast environmental and economic impact on the area.
With homebuyers currently taking advantage of low interest rates, competition is hot in LA’s residential market. Still, this development promises to accommodate those on a range of incomes. But without commitment from major employers to relocate to the area, the threat of a long commute is unlikely to go away for those who call the area home.
Live-Work Spaces, Housing, Entertainment, and More
There are 1,400 units of housing planned for the complex, and the aim is to provide opportunities for families of all means to reside in the desirable area. About 5% of housing is to be set aside for households earning less than 50% of the area’s median income. Still, luxury apartments will not be omitted, with an additional 5% set aside for households earning 120-150% of the area’s median income.
There is also a “stakeholder incentive program” in the works. This program promises to reserve units for local workers. It has been dubbed “a step in the right direction” by Councilman Bob Blumenfield. He believes there should be affordable options for those who work in the center. Still, there are at present no details available on how the program will operate.
A Glance at Logistics of the Warner Center Development
These structures will see population density increase and building heights skyrocket. There will be:
- Office spaces
- Two hotels
- A supermarket
- A 10,000 seat sports arena
Planners believe these will encourage local residents to live, work, and play all within a contained area.
Blumenfield described the development as “the future of green planning,” as providing amenities close to housing and workplaces will reduce carbon footprint immensely. This, however, requires ample work opportunities for prospective residents. Still, there remains as yet no confirmation of what businesses may fill the spaces created.
Within this development will emerge a “mini city” dubbed Promenade 2035, spearheaded by developers Unibail-Rodamco-Westfield. The Promenade will include an abundance of outdoor spaces that were lacking in the initial planning stages. These spaces will feature hundreds of trees and green rooftops for residential use.
You may see similarities to the expansive Westfield Century City, which underwent extensive development, completed in 2017. For example, the Warner Center will provide shopping and dining opportunities and will have connections to North Hollywood Station by the Orange Metro Line.
Opposition to Proposed Construction Withdrawn
During the project’s planning stages, the Woodland Hills Homeowners Association opposed the proposed construction but later withdrew their objection. So, major changes in the plan, including low-income housing and green spaces, likely placated the association. However, many current residents are still uneasy with the proposed changes to their neighborhood. After all, they had chosen to live far away from high traffic areas like Dodger Stadium, only to now to find themselves confronted with a stadium of their own.
Jobs During Construction and Completion
The new development appears slated to have a positive economic impact. Estimates show it will create more than 19,000 jobs during the construction phase and sustain 9,700 full and part-time jobs upon completion. There remains, however, no guarantee that local workers will have employment there. Nor did the plan provide assurances they will receive a wage adequate to sustain living in the up-market area.
The Warner Center development is 10 years in the making. And experts expect that work will commence within 24 months.
Enquire About Opportunities in and around Warner Center
Woodland Hills is about to explode with possibilities, with a growing number of local residents and spaces ready to cater to them. For information on commercial and residential real estate purchases in Woodland Hills, please contact our investment specialists here at Peak Commercial.