Real Estate

Alliant Constructs $160M, 332-Unit Workforce Housing in Van Nuys with Transit Incentives

Alliant's $160M VOSE project in Van Nuys to feature 332 units, leveraging $117.2M in bond financing.

By Tal Alexander

7/10, 15:33 EDT

Key Takeaway

  • Alliant Communities is constructing a 332-unit workforce and affordable apartment complex in Van Nuys, leveraging transit incentives for larger building size.
  • The $160 million project includes 37 affordable units, with the remaining set aside for households earning up to 90% of area median income.
  • Alliant secured $117.2 million in bond financing from the California Housing Financing Agency to support this development.

Alliant Communities' Ambitious Van Nuys Project

Alliant Communities, a Calabasas-based developer, is making significant strides in the affordable housing sector with its latest project in Van Nuys. The development, known as VOSE, is a six-story apartment complex located at 7050-7068 North Van Nuys Boulevard and 14431 West Vose Street. This project will feature 332 units, including studio, one-, and two-bedroom apartments, along with 4,100 square feet of retail space. The development is part of Alliant's broader strategy to address the housing crisis by providing both workforce and affordable housing options.

Details and Financials of the VOSE Project

The VOSE project is a substantial investment, with a total cost pegged at $160 million, translating to approximately $649 per square foot. Alliant Communities secured $117.2 million in bond financing through the California Housing Financing Agency to support this endeavor. The complex will include 37 units designated for extremely low-income households, leveraging Transit Oriented Communities incentives to exceed local zoning restrictions. The remaining units will cater to households earning up to 90 percent of the area median income. Designed by AC Martin, the building will feature modern amenities such as stainless steel kitchen appliances, energy-efficient fixtures, and in-unit washers and dryers.

Broader Implications for Affordable Housing

The VOSE project is part of a larger trend in the real estate market where developers are increasingly focusing on affordable and workforce housing. This shift is driven by the growing demand for housing solutions that cater to a broader spectrum of income levels. The use of Transit Oriented Communities incentives highlights the importance of integrating housing developments with public transportation, making it easier for residents to commute and reducing the overall carbon footprint. This approach not only addresses the housing shortage but also promotes sustainable urban development.

Market Dynamics and Comparisons

The VOSE project is not an isolated case. Similar developments are taking place across California and beyond. For instance, Core Development Group is planning to replace an office building in Santa Ana with a 162-unit apartment complex, while Fairfield Residential is developing a 307-unit project in Charlotte's Lockwood neighborhood. These projects reflect a broader market trend where developers are repurposing underutilized properties to meet the rising demand for residential units. The focus on mixed-use developments, which combine residential units with retail and commercial spaces, is becoming increasingly popular as it offers a more integrated living experience.

My Perspective on the Housing Market

The VOSE project by Alliant Communities is a commendable effort to address the pressing issue of affordable housing. By leveraging public incentives and focusing on strategic locations near public transportation, Alliant is setting a benchmark for future developments. However, the success of such projects hinges on effective collaboration between developers, government agencies, and community stakeholders. While the financials of the VOSE project are robust, the real measure of success will be its impact on the community and its ability to provide long-term housing solutions.