Description

Outstanding 54-Unit 100% Affordable Housing Development Opportunity, RTI at COE in a highly desirable Silver Lake location near Sunset Junction. This prime project is located on a 7,688 SF lot and is designed as a five-story Type IIIB building under AB 1763 incentives, allowing unlimited density for affordable housing. With a total proposed floor area of 25,750 SF, the development includes 28 studio apartments and 26 one-bedroom units, all designated for affordable housing. The unit breakdown consists of 2 very low-income units, 40 low-income units, 11 moderate-income units, and 1 market-rate manager's unit. The design eliminates the need for parking, further reducing construction costs and ensuring long-term affordability. The residential units range from 280-460 SF, designed to maximize affordability while optimizing rental income per square foot. Located in the heart of Silver Lake, just minutes from Sunset Junction, this property offers an unmatched urban lifestyle with trendy cafes, boutique shops, and top-tier dining within walking distance. Its prime Transit-Priority Zone location ensures seamless connectivity, with multiple bus lines and metro access nearby. Additionally, the area boasts an exceptional Walk Score of 95, allowing residents to fully embrace a car-free lifestyle. With all entitlements and approvals secured, the project will be delivered in Ready-to-Issue status and will be delivered vacant at the close of escrow, providing an immediate and seamless path to development.