A rare vacant 17-unit TOC development site in prime North Hollywood, CA.
Marcus & Millichap is pleased to present 11042 La Maida Street, a prime Transit Oriented Communities (TOC) Tier I multifamily
development opportunity located in the highly sought after NoHo Arts district. This unique development opportunity also
comes with plans for a 10-unit project, which is in the final stages of approval. The site has already been demolished for the
development. This rare offering is made up of 8,524 square feet of land zoned LAR3-1.
11042 La Maida Street is ideally located in center of the high demand submarket of North Hollywood, which boasts rapid
gentrification, dense immediate population, high barriers to entry, and strong market fundamentals yielding an investor/
developer landlord favored market conditions with significant growth potential. Centrally located just off Lankershim Boulevard
and Camarillo Street within short walking distance to the NoHo Arts District Theatres and the Metro Red Line Station, and
convenietly positioned in the center of a broad range of employment and retail options, the opportunity is surrounded by affluent high-end neighborhoods, boutique bars/restaurants, and numerous high profile office towers and mixed use developments.
The proposed project consists of a “by right” ten unit apartment building with three stories above one level of parking. The
plans have been submitted to building and safety for approval. A potential buyer will be saving approximately a year of time
moving forward with the current plans and will be exempt from the Affordable Housing Linkage Fee, or may elect to redesign
the project and build a 17 unit apartment building, utilizing Transit Oriented Communities (TOC) Affordable Housing incentives. The property falls under TOC Tier 1, which allows for a 50% density bonus, 40% floor area ratio (FAR) bonus, 11 additional feet of allowed height, and as low as 0.5 required parking spaces per bedroom.
North Hollywood has experienced a major influx of development over the last couple years. With dozens of large-scale projects
now in the pipeline, North Hollywood is well on its way to becoming one of the most thriving and walkable places to live, work and play in greater Los Angeles. Smart development, increasing economic activity and transportation improvements are transforming NoHo into one of the most desirable neighborhoods in the region. Retail development also continues to improve.
Lankershim Boulevard is emerging as a artistic destination as several new theatres, bars, and boutique restaurants joined the
Arts District’s historically mom n’ pop retailers. Whole Foods, The Federal Bar, NoHo Commons and HAHA Comedy Club each
bring something unique to the boulevard and attract a wide range of tourists and night-life vistors.
Due to the city’s sought after dining, nightlife and artistic lifestyle...demand for housing has reached an all time high. In order
to meet the demand for housing, developers have flocked to North Hollywood to build close to $3 billion in mixed use projects
from 2015 - 2020.
North Hollywood has experienced a dramatic transformation over the past decade with a steady migration of higher-income
residents attracted to the area’s urban amenities, improved schools, and convenient location near key employment and
entertainment centers.
