Description

We are excited to present to you this once in a generation opportunity to acquire and redevelop a 3-lot assemblage spanning 0.48 acres of land (21,000 square feet) zoned LAC2. In the highly sought-after Greater-Wilshire neighborhood, the sites are located at 4623-4631 Beverly Blvd. These lots have been under the same family’s ownership for more than 50 years, signifying the rare opportunity available to developers. The current structures are vacant and have been vacant for more than 3 years, there will be no housing replacement requirements due to the structures that will be demolished. Additionally, due to the central location and the impressive 97 walk score, the sites are given Tier 3 status of the Transit Oriented Communities (TOC) incentive program, further increasing the development potential. Developers can build up to 91 units with a building envelope of 73,121 square feet on the sites. Using the TOC incentives to achieve this unit count and building envelope comes with a requirement of at least 10% of the units being set aside for low-income families. That equates to a minimum of 9 affordable housing units when building the maximum 91 units, leaving 82 market-rate units without any rent control limitations.