CBRE, Inc., as exclusive advisor to the Seller is proud to present the 1517 & 1521 W. 8th St., a redevelopment opportunity in the Los Angeles City West submarket. The property is currently vacant and zoned LAC2-2D. It is ED1 eligible and within a TOC Tier 3 area.
On November 16th, 2020 the Los Angeles Department of City Planning issued a Letter of Determination in favor of a 60-unit multifamily redevelopment project. The project was permitted in 2022 and has since expired.
Today, a developer may make use of the myriad enhanced density bonus programs available on the city and state level including the CHIP ordinance, ED1, TOC and AB 1287. Tier 3 status allows for an up to 70% density bonus in accordance with the city’s Transit Oriented Communities (TOC) Incentive Program. TOC incentives qualify based on the site’s proximity to the intersection of a major transit stop. AB 1287, the state’s stackable density bonus (bonus on top of bonus) may allow a combined bonus over 100% above the base density. An ED1 or other affordable project making use of the city’s Affordable Housing Incentive Program (AHIP) may offer unlimited density. Buyer to verify any zoning assumptions.
Please visit the property website (www.cbre8th.com) to view the Offering Memorandum and access the Virtual Deal Room.
