The subject property is within a half-mile radius of the Chinatown Metro Red Line which is a vast transit community. The City of Los Angeles has officially given 1130 W. Sunset Blvd. a TIER TWO STATUS. Tier Two Status means: A 60% increase in residential density; A 30% decrease in the required width or depth of one individual yard or setback; A 45% increase in Floor Area Ratio; and One parking spot per unit, regardless of the number of bedrooms in the unit or a 20% reduction in the nonresidential parking requirement.
Effective September 22, 2017, the City of Los Angeles instituted the Transit Oriented Communities Affordable Housing Incentive Program. This program allows developers to build significantly more units within Transit-Oriented Communities. Provided the developer dedicates nine percent (9%) of the units to affordable housing.
Phase 1 Environmental Site Assessment just completed.
Parcel Zoning is C2-1VL, ZI-2129 East Los Angeles State Enterprise zone, ZI-2452 Transit Priority Area in the City of Los Angeles. As stated in the City of LA Dept. of Planning Parcel Profile Report dated April 11, 2018.
Obtaining lots 6 & 7 located at 1132 W. Sunset. Blvd. (which separate part of the subject property) would add another 6,000 sq.ft. to a new development project.
Note: Club Bahia is not included in this listing! The property is being leased, and all assets, furniture & fixtures are not included with this offering. The lease is currently a month to month lease.
