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An affiliate of retail real estate development company Paragon Commercial Group has submitted plans to build an approximately 40,000-square-foot, multi-tenant market and retail building in the existing Studio Village Retail Center in Studio City, according to a new case filed at the Los Angeles planning department.
Filed on Thursday, plans call for the demolition of a 27,964-square-foot building at the retail center, which is located at 11263-11325 Ventura Blvd., and include requests for project permit compliance approval, a project permit adjustment allowing for a 14-percent increase in allowable wall sign area, and a conditional use permit for the sale of alcohol for off-site consumption at the incoming market. Paragon plans on keeping a 6,250-square-foot commercial building on the site’s eastern portion, according to its application paperwork.
The new building would rise two stories to a maximum height of 45 feet and contain about 37,000 square feet of market space and about 2,000 square feet of ground-floor retail. Between an existing surface parking lot and the proposed podium building, automobile parking would amount to 152 ground-level spaces, and there would be 48 bicycle spaces provided.
Project filings for the Studio Village Retail Center outline a tentative construction schedule beginning with demolition in April and ending with tenant-improvement work finishing in April 2023.
Based in El Segundo, Paragon has a pipeline that includes acquisitions, development, and redevelopment opportunities in Northern and Southern California.