If you haven’t heard already, Warner Center has released a 2035 plan which plans to turn the 1.5 square mile district in Woodland Hills into a mini, and more upscale, DTLA. There are more than 24,000 residential units and 28 million square feet of office and retail spaces opening up before 2035. We’ve seen a huge spike in prices here and rightfully so. With the proposed plans from the city, most low-rise buildings in that radius will be transformed into mixed-use projects – with a minimum height of 10 stories. That’s huge for a city where traditional zoning doesn’t typically allow over 3-4 stories for a residential project. We’re going to see a lot of creativity here as new companies choose to headquarter in the area. 

So what does this mean for the surrounding area of Woodland Hills? There will likely be a massive price jump as gentrification takes place and an influx of a wealthier and younger demographics choose Woodland Hills either as their home and place of business. What does this mean for the residents? For long-term renters, this could spell trouble, and if possible while rates are at all-time lows, textbook real estate investing would suggest purchasing a home. 

Unfortunately, those living in the area might soon be compelled to move out of the once-affordable and modest 91367 zip code. 

 

Source:

https://therealdeal.com/la/2019/08/06/billion-dollar-warner-center-megaproject-faces-another-hurdle/