SRM Development plans to build an assisted living complex for seniors in the Studio City neighborhood of the San Fernando Valley.
The Spokane, Washington-based company is in receivership to purchase the 100,400 square foot site at 11611 Ventura Boulevard, according to planning documents filed with the City of Los Angeles. A purchase price was not disclosed and the company did not respond to a request for comment.
The site is currently an automobile repair and sales facility, with office and retail portions.
SRM proposes to demolish the existing site and construct 129 assisted living units and 16 detached townhouses for seniors housing. The establishment will also include 25 rooms dedicated to the care of Alzheimer’s disease and dementia.
All units in the facility will be market priced and not affordable.
The development will also have 118 parking spaces and 42 bicycle parking spaces.
Senior housing has become a popular development choice for investors during the pandemic, despite outbreaks in such facilities across the country.
Relatively few senior housing developments have been proposed in Los Angeles this year. About 2,400 senior housing units are currently under construction in Los Angeles and Orange counties, with the majority expected to open next year, according to JLL.
Last November, Standard Companies offered to renovate and upgrade a 61-unit seniors’ housing complex in Pasadena, after buying it for $31.2 million.