Capstone Equities aims to convert a 75,000-square-foot Encino office building into 117 affordable apartments, utilizing adaptive reuse while streamlining approvals through Mayor Karen Bass's Executive Directive 1.
The project, known as The Oaks on Balboa, would feature studio and one-bedroom apartments for low-income households, with design elements that include pastel-colored panels and large windows.
In addition to apartment units, the plans include parking for 120 cars and the conversion of parts of the office parking lot into courtyards and gardens for residents.
Capstone's conversion strategy aims to address affordable housing needs in Encino, leveraging density bonus incentives to modify zoning requirements for the office-to-home transformation.
#affordable-housing #office-to-home-conversion #urban-development #capstone-equities #los-angeles-real-estate
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