Panorama Group undertakes second ground-up senior housing project in Pico-Robertson
The Real Deal
April 2, 2020
The developer wants to build an 80-unit facility near La Cienega Park
The Panorama Group is looking to build an 80-unit elder care facility in Pico-Robertson.
The Beverly Hills-based developer filed plans for the project with the city on Monday, asking the city to waive requirements for height, density, floor area, and setbacks. The project is slated for 825-839 S. Holt Street in a residential neighborhood a couple blocks from La Cienega Park.
It would be the four-year-old company’s second ground-up development, according to founder Daniel Kianmahd. The firm is currently building an 88-bed memory care facility in the city.
Kianmahd told The Real Deal there was an “extreme undersupply” of senior housing in the Los Angeles area and that most properties in the metro area are more than 25 years old. The financial and regulatory hurdles of developing new properties in L.A. are part of the challenge for developers, he said.
The Pico-Robertson facility is being developed through the firm’s Panorama Senior Housing wing. The company also owns Panorama Strategic Properties, which focuses on commercial real estate investments.
The firm tapped prolific design house KTGY Architecture + Planning for the Pico-Robertson facility. Planned amenities include a theater, hair salon, gym, and outdoor game room. Sixty-two of the rooms will be assisted-living rooms and the other 18 are for memory care residents.
The project site is currently home to three duplexes. Renderings of the proposed facility show a five-story building with a roof deck and underground parking.
Last week, Houston-based developer Belmont Village filed plans to build a 176-unit senior housing development on property owned by Westwood Presbyterian Church in Westwood.