Van Nuys Apartments
Encyclopedia
History
The Van Nuys Apartments were developed by their namesake – Isaac Newton Van NuysIsaac Newton Van Nuys
Isaac Newton Van Nuys was an American businessman, real estate developer, banker, and agricultural entrepreneur. He founded the community of Van Nuys in the San Fernando Valley of Southern California in 1911...
– in 1913 as a financial center in the heart of Los Angeles
Los Ángeles
Los Ángeles is the capital of the province of Biobío, in the commune of the same name, in Region VIII , in the center-south of Chile. It is located between the Laja and Biobío rivers. The population is 123,445 inhabitants...
. The building was designed by the architecture firm Morgan, Walls & Clements
Morgan, Walls & Clements
Morgan, Walls & Clements was an architectural firm based in Los Angeles, California and responsible for many of the city's landmarks. Originally Morgan and Walls, with principals Octavius Morgan and John A. Walls, the firm worked in the area from before the turn of the century.Around 1910 Morgan's...
, who designed other notable landmarks such as the Mayan Theater
Mayan Theater
The Mayan Theater at 1014 South Hill Street in Los Angeles, California is a landmark former picture palace.Designed by Stiles O. Clements of Morgan, Walls & Clements and opened in August 1927, the facade of the Mayan includes stylized pre-Columbian patterns and figures designed by sculptor...
, El Capitan Theater, and The Citadel . The 26528 sq ft (2,464.5 m²) building features an 11-story steel frame with masonry-clad walls; its primary facades facing Spring street and 7th street.
Upon its opening, First National Bank occupied the entire first floor and basement of the building, while Dean Witter & Company
Dean Witter Reynolds
Dean Witter Reynolds was an American stock brokerage and securities firm catering to retail clients. Prior to its acquisition, it was among the largest retail firms in the securities industry with over 9,000 account executives and was among the largest members of the New York Stock Exchange...
, Merrill Lynch
Merrill Lynch
Merrill Lynch is the wealth management division of Bank of America. With over 15,000 financial advisors and $2.2 trillion in client assets it is the world's largest brokerage. Formerly known as Merrill Lynch & Co., Inc., prior to 2009 the firm was publicly owned and traded on the New York...
, and other financial services firms occupied offices in the upper floors. The building served as a bank and office building until the late 1970s.
In 1982 the building was converted into a 299-unit residential complex reserved for low-income senior citizens via funds from the HUD
United States Department of Housing and Urban Development
The United States Department of Housing and Urban Development, also known as HUD, is a Cabinet department in the Executive branch of the United States federal government...
and CRA
Community Reinvestment Act
The Community Reinvestment Act is a United States federal law designed to encourage commercial banks and savings associations to help meet the needs of borrowers in all segments of their communities, including low- and moderate-income neighborhoods...
/LA. The conversion also included rehabilitation, and the creation of 13000 sq ft (1,207.7 m²) of retail space on the ground floor. The basement was converted into parking.
The L.A. Conservancy has deemed the Van Nuys Apartments building a historic landmark .
The Van Nuys Apartments
Recently the Van Nuys Apartments underwent a $47.97 million dollar renovation. The renovation focused on restoration of the historic elements (primarily on the exterior of the building), remodeling of the units’ interiors, and repair of the building’s rooftop. Approximately $50,000 of hard cost per unit was spent on remodeling the interiors of each of the 134 studios, 155 one-bedroom, and 10 two-bedroom apartments.The Van Nuys apartment community is a HUD
United States Department of Housing and Urban Development
The United States Department of Housing and Urban Development, also known as HUD, is a Cabinet department in the Executive branch of the United States federal government...
subsidized, project-based Section 8
Section 8 (housing)
Section 8 of the United States Housing Act of 1937 , as repeatedly amended, authorizes the payment of rental housing assistance to private landlords on behalf of approximately 3.1 million low-income households...
property; catering to seniors over 62 years of age and individuals with disabilities . The property features on-site security 24 hours per day and a recreation room.