Priced at $8,500,000 this site is an excellent Multi-Family Development Project in a solid B+ Location which is perfectly suited for a high density development of 122 Units.
This development site is located in the heart of Westlake near Downtown LA located near the corner of 3rd St and Lucas Ave. This prime Westlake location is walking distance from many restaurants, tourist attractions, public transportation, schools, jobs, markets, and shopping in Los Angeles and Downtown Los Angeles
This site is very sought after because of its size and prime location. Westlake and Downtown LA is home of some of the most diverse demographics, income growth, positive job numbers, in a City that’s thriving culturally and financially in Southern California. This development opportunity is truly a RARE find with respect to Location, size, and unit mix, its entitlements for 122 Units which gives a developer an opportunity to break ground on this project in 3-6 Months!
The proposed project will have 30 Studios and 92 1 Bedroom-1 Bathroom Units with unit sizes ranging from 500-600 square feet. This site is located in a Tier 2 TOC Zone. With the use of the density bonus, the project requires 11 Low Income Units.
