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Developer Liking the Odds For Warner Center-Adjacent Apartments

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Developers seem to be feeling good about the western Valley--a few miles north of where Westfield and locals are hashing out plans for a big mixed-use development, developer Wood Partners is planning on putting in Warner Park, a 298 unit "luxury apartment community" at Eton and Merridy St. in Canoga Park, according to a press release. It's already bought the four acre site and says it plans to start construction "by mid-August," with units ready to go in early 2013 (the project is already entitled and has construction plans). The $75 million project will be split between one and two bedrooms, and have all your fancy apartment amenities: pool, a club with bar, and a fitness center, plus a little something for the Call of Duty addicts: TVs with gaming consoles. Brian Hansen, Wood Partners’ SoCal director of development says they've got it all figured out: "we will be building during a favorable construction market, delivering when all the supply of 2007-2010 in Warner Center has been absorbed and competing against limited new supply...we will be building at a significant discount to acquisition cost and we anticipate renting the first units in 2013 when the market will be at its most receptive." Of course this press release was sent out a few days ago, before it started to feel like we'll all be living in cardboard boxes in 2013.
· Warner Center Now Likes Westfield Village, Still Hates Costco [Curbed LA]