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A short segment of low-rise commercial buildings on Lankershim Boulevard may be replaced by a large mixed-use development.

Earlier this week, Woodland Hills-based Hayes Capital Management filed plans with the City of Los Angeles to build a new residential-retail complex a half-mile south of the North Hollywood terminus of Metro's Red and Orange Lines.  The project, slated for a 1.37-acre site at the northwest corner of Lankershim Boulevard and Otsego Street, would consist of an approximately 300,000-square-foot building rising up to 87 feet in height.

Plans call for a total of 297 dwellings units, including 25 apartments reserved for very low income households.  The building's ground-level would include approximately 24,000 square feet of commercial space, replacing much of the property's existing retail floor area.  These residential and commercial uses would be served by a 570-vehicle parking garage.

Further details about the proposed development, including a budget and a timeline, are currently unknown.