Description

We are proud to present a rare opportunity to acquire a vacant development site in the rapidly improving Historic Filipinotown neighborhood near Echo Park and Downtown Los Angeles. The property offers an enviable path for the 12,040 SF of vacant street-to-alley land, with no existing structures to demolish and no tenant relocation needs, making an onsite project especially attractive for developers seeking a quicker execution strategy, especially if focusing on an Affordable Housing design. Zoned CW (Central City West), which allows for R4 Residential Density by-right, with a 75-foot height limit, max out the 3:1 FAR with an Affordable or Mixed-Income Housing Project. The property is located within a Tier 1 Transit Oriented Incentive Area, is in a High Quality Transit Corridor, and qualifies for AB 2097, allowing for a no-parking development scenario, making it an ideal candidate for a transit-oriented multifamily project. Boasting a street and alley frontage of 86 feet, with a lot consisting of a slight grade, and potential for sweeping 360-degree views, the site presents both functional and design advantages for a future residential development and future tenants. Seller has available a Soils Report, Topographic Survey, Methane Report stating "There was no methane risk at the site" and a Phase I Environmental Site Assessment that states "FR recommends no further investigations for the subject property at this time". Surrounded by a growing number of new residential developments, popular restaurants, and neighborhood amenities, the property is positioned in the middle of an area experiencing strong upward momentum. The central location offers convenient access to all that the Greater Los Angeles area has to offer, including jobs, entertainment, the 101 and 110 freeways, transportation (including Union Station, with FlyAway access to LAX), education, diningfurther enhancing the property's appeal to developers looking to capitalize on one of Los Angeles' most dynamic urban corridors.