On March 23, 2003, about 1300 Pacific standard time, a Cessna 172P, N63788, collided with a building during an aborted landing at the Van Nuys Airport, Van Nuys, California. A private individual borrowed the airplane and operated it under the provisions of 14 CFR Part 91. The airplane sustained substantial damage. The student pilot, the sole occupant, sustained serious injuries. The local instructional flight originated at Van Nuys about 1245. Visual meteorological conditions prevailed, and a flight plan had not been filed. In a written statement, the student pilot reported that earlier in the day he had flown in the traffic pattern with his flight instructor for about an hour. Then, with his instructor's authorization, he flew solo. The student pilot indicated that he made two successful takeoffs and landings prior to the accident. The pilot reported that the third takeoff and traffic pattern were uneventful. While in the landing flare, he noted that the airplane was in a "slightly high flare." When the airplane touched down it bounced, and he initiated an aborted landing. On the takeoff roll, he lost directional control of the airplane and it veered to the left of the centerline "at 45 [degrees] or greater." At that point, the airplane had become airborne, but was only a few feet above the ground. The pilot input right rudder and right aileron in an attempt to regain control of the airplane and continue with the aborted landing. The airplane began to turn to the right, but "not sharply enough to avoid the buildings that parallel runway 16L." The airplane impacted the west-facing side of a cement wall of an industrial building. The pilot reported that there were no pre-impact mechanical malfunctions with the airplane.