Description
The subject property is a fully entitled for a 68 unit +/- 83,000 square foot ground-up development opportunity located in an Opportunity Zone in the Koreatown neighborhood of Los Angeles. The project may qualify for “80/20” tax credits, Buyer to verify. The entitlements call for 54 market-rate and 14 affordable units. These large units average 1,060 square feet. The building is uniquely U-shaped, allowing for a large open courtyard for residents to enjoy.
The immediate neighborhood is going through a rapid transition with a number of multi-family residential and commercial developments recently completed or under construction. A 67 unit mixed use project is planned a block north on the intersection of Beverly Boulevard and Berendo. To the east, a 490 unit mixed use project is planned. A 121 unit project was just completed to the south, on Mariposa and 3rd Street.
The location is within walking distance of the Beverly/Vermont Metro and in close proximity to trendy Los Feliz and Silverlake, and is accessible to Hollywood and Downtown LA via the 101 Freeway. Nearby food and culture amenities include immensely popular Sqirl, Mad Ave LA Gallery, Cafecito Organico, The Dog Café, and Gabba Gallery.
- Located in an Opportunity Zone. Project may Qualify for “80/20” tax credits.
- Lowest Price Per Square Foot RTI Site on the market.
- Project will be delivered shovel ready. All fees have been paid for except for the cost of pulling permits and the park fee.
- Potential Site for a Co-Living Operator, Developer may be able to add additional bedrooms with relative ease of changing floor plans.
- Property May Qualify for Low-Income Housing Tax Credit.
- There is a moratorium on developments on more than 15,000 SF of land in the immediate area. Future developments of this size would require a variance.
