A developer is downsizing its proposed multifamily development in Glendale more than two years after the plans first surfaced.
A new application filed with the City of Glendale outlines new plans from 550 Riverdale LLC, the owner of the development site at 2748 San Fernando Road in the city’s Pacific-Edison neighborhood, Urbanize Los Angeles reported. The LLC is linked in state business records to David Stevenson, president of Glendale-based Stevenson Real Estate Services, and the real estate firm’s Glendale address.
In 2024, the Robert and Stefanie Stevenson Family Trust — the property owner at the time — filed an application to demolish a commercial complex at the site and redevelop it with a 249-unit residential project at an unspecified scale, The Real Deal reported at the time. The latest proposal calls for the construction of a seven-story building boasting 229 units and parking for 281 vehicles across 247,000 square feet.
The property is only zoned for a maximum height of six stories, so the developer is pursuing entitlements including density bonus incentives to erect a seven-story edifice. In exchange, 27 of the units would be designated for rent as affordable housing.
The City of Glendale must plan for 13,425 new housing units by 2029 as part of its state-mandated housing goals. The local multifamily market has been attracting investors seeing the demand for housing and developers looking to add more units to the city’s housing stock.
Developer Izek Shomof, known for office-to-residential conversion projects across Greater Los Angeles, is looking to execute an adaptive reuse on a 19-story office building at 101 North Brand Boulevard and replace the offices with 312 housing units, TRD previously reported. Shomof acquired the more than 400,000-square-foot building last year for $58.5 million. Other office-to-residential efforts in Glendale in recent years include the conversion of 520 North Central Avenue and the Harrower Village property on Broadway into housing.
— Chris Malone Méndez
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TRD Staff
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