1400 Miramar St
Los Angeles, CA 90026
Price Reduced !! Bring all offers !! · Land For Sale · 0.19 AC

Price Reduced !! Bring all offers !! Pearl Group of KW Commercial as the exclusive agent is pleased to offer for sale a unique development opportunity located on the western perimeter of Downtown Los Angeles in City West. This 8,454 SF vacant lot is a corner parcel located on Lucas Ave/Miramar St. with views of Downtown LA. The property is zoned R4(CW)-75/3 and has a Tier 2 Transit Oriented Communities (TOC) designation within the Central City West Specific Plan. Current zoning may permit the construction of up to 21 units by-right, with a height restriction of 75 feet and 3:1 FAR. The properties Tier 2 TOC status permits a 60% increase in density, which may allow up to 36 units, 45% increase in FAR and reduced parking requirements. To take advantage of TOC incentives, a percentage of the total units would need to be dedicated to restricted affordable units. Developers who build a project consisting of 100% Restricted Affordable units may go up to Tier 3 TOC, which incentives include a 70% increase in density which may permit up to 38 units, 50% increase in FAR and no parking requirements. The property enjoys 140.9 Feet of frontage along Miramar Street and 60 Feet of frontage along Lucas Ave. This is a particularly exciting opportunity since this is a vacant lot, with no past or present improvements on the site, therefore no replacement units, rent control or relocation fees. Buyer to verify. The property is well located on the western perimeter of Downtown Los Angeles, adjacent to Westlake, Echo Park, Angelino Heights and Filipinotown. There are several schools in the immediate area including Gratts Elementary School and Contreras Learning Complex whose stadium is directly across the street. Good Samaritan Hospital, Macarthur Park, Staples Center, LA Live, and all the dining, entertainment, and employment options Downtown LA has to offer are nearby. Additionally, there is good access to public transit and conveniently located close to major freeways 110, 101 and I-10. The property boasts an 89 “Walk Score” (Very Walkable), and a 90 “Transit Score” (Rider’s Paradise).