Description

REDUCED! We are pleased to present a prime development opportunity: a Shovel-Ready Project featuring 19 condominium townhomes in the highly coveted Santa Monica area. With all permits secured and previous structures vacated by Ellis Act and tenants paid relocation fees, this project is poised for immediate action.Situated on a near 29,000 square foot lot, this exceptional property enjoys a rare status in one of the Los Angeles area's most desirable locales. Whether developed as rental units for long-term investment or sold individually as condominiums, the potential for achieving some of the highest square-foot pricing in Southern California is unparalleled. Designed with meticulous attention to maximizing land use, the contemporary layout boasts spacious two-bedroom, two-and-a-half-bathroom townhomes averaging 1,237 square feet each. Each unit offers subterranean private, attached, direct-access garages, and select layouts feature private rooftop decks. A central courtyard and meticulously manicured landscaping will enhance the community ambiance, with several units featuring street-facing entrances, providing a single-family residence feel without the typical complexities. This project addresses a significant barrier to entry in the market, given the limited availability of new condominium developments in the area. Overcoming substantial neighborhood resistance and navigating challenging entitlement processes underscores the strategic advantage of this investment opportunity. Located in a highly sought-after neighborhood, residents will enjoy proximity to amenities such as Whole Foods, Santa Monica Brew Works, and a variety of dining and entertainment options. Nearby institutions like Santa Monica College and Virginia Avenue Park further enrich the vibrant community appeal. Convenient access to major employment centers and leisure destinations, including Venice Beach and Downtown LA, via the nearby Expo Line Bike Path and public transit networks, further enhances the development's appeal. This meticulously planned development not only promises exceptional quality of living but also represents a robust investment opportunity in one of the Los Angeles area's most dynamic real estate markets. No Affordable Units Required. The Project is entitled with no mandatory deed-restricted affordable units. Favorable Down-Zoning Impact: Subsequent to project entitlement, the City of Santa Monica adjusted the allowable density in the R2 district from 1 dwelling unit per 1,500 square feet to 1 dwelling unit per 2,000 square feet. As a result, under current municipal zoning regulations, the site could accommodate a maximum of 14 dwelling units (without invoking the CA State Density Bonus law). Of these 14, two units would be required to be deed-restricted affordable, leaving 12 units as market-rate residences.To achieve the same 19 market-rate units, the developer would be required to utilize CA State Density Bonus law, constructing a total of 22 units (or more, depending on affordability levels), with at least 3 units designated as deed-restricted affordable. Affordable units often result in lower return on investment due to below-market rents, and often necessitate smaller unit sizes throughout the development both in order to fit more units on the same site and in order to manage construction costs effectively, hindering completed unit values as a result.Notably, this development enjoys exemption from all affordability mandates, allowing for significantly greater financial returns than would be achievable under current entitlement conditions. ADU Potential: Pursuant to CA Government Code65852.2(e)((1)C)(ii), this Project would qualify for the addition of up to 4 accessory dwelling units (25% of multifamily unit count). The Property APN is 4274-026-026, which was created by the merging of 4274-026-001, 4274-026-003, 4274-026-005 and 4274-026-007.