New $25 million Residential Tower Opens in Panorama City

Photo courtesy of the Office of Nury Martinez

LA City Council President Nury Martinez joined by developer Izek Shomof and his family, celebrated the grand opening of renovated Panorama Tower on Feb. 27. The tower was originally designed as an office building in 1962, but has been empty since sustaining damage from the 1994 Northridge Earthquake. Purchased by the Shomof Group in 2015, with two added penthouse spaces on the roof, the now 189,000 square-foot, 14-story building features 194 residential units and has undergone millions of dollars in seismic retrofitting and renovations, green building compliance, as well as electrical upgrades and new plumbing throughout the building. Located at 8155 Van Nuys Blvd., the residential building is already 70% full. There are also two affordable and supportive housing projects in the planning stages in the immediate area. And in 2022, Metro will break ground on a new light rail line down Van Nuys Boulevard.

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