Currently a liquor and nail store just yards from the new Whole Foods 365 in the heart of Silverlake, the property offers a prime opportunity develop 38 to 50 "by rights" new apartment units in a superior rental market.
DEVELOPMENT POTENTIAL
Prospective buyers have a number of options as far as the development of the site goes. The site is zoned [Q]C2-1VL and is permitted up to 38 residential units, per the zone guidelines. Prospective buyers may elect to pursue additional units through the use of a density bonus incentive. Using the standard 35% density bonus, prospective buyers would be able to increase the maximum number of units allowed up to 50 residential units. For illustrative purposes, seller have presented and proposed two hypothetical scenarios outlined below. Prospective buyers are encouraged to complete their own analysis and due diligence.
PROPOSED DEVELOPMENT – 38 UNITS BY RIGHT
The proposed project involves the demolition of the existing commercial buildings and the construction of a new 4-story, 45 foot tall, residential building with 38 units, a community room, two levels of parking for a total of 45 parking spaces.
PROPOSED DEVELOPMENT – 50 UNITS VIA DENSITY BONUS
The proposed project involves the demolition of the existing commercial buildings and the construction of a 5-story, 56 foot tall, residential building with 50 units, a community room, two levels of parking for a total of 45 parking spaces. The project assumes a prospective buyer is approved for a 35% density bonus. A total of PROPERTY PROFILE
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DEVELOPMENT POTENTIAL
Prospective buyers have a number of options as far as the
development of the site goes. The site is zoned [Q]C2-1VL and is
permitted up to 38 residential units, per the zone guidelines.
Prospective buyers may elect to pursue additional units through the
use of a density bonus incentive. Using the standard 35% density
bonus, prospective buyers would be able to increase the maximum
number of units allowed up to 50 residential units. For illustrative
purposes, we have proposed two hypothetical scenarios outlined
below. Prospective buyers are encouraged to complete their own
analysis and due diligence.
PROPOSED DEVELOPMENT – 38 UNITS BY RIGHT
The proposed project involves the demolition of the existing
commercial buildings and the construction of a new 4-story, 45 foot tall, residential building with 38 units, a community room, two levels of parking for a total of 45 parking spaces.
PROPOSED DEVELOPMENT – 50 UNITS VIA DENSITY BONUS
The proposed project involves the demolition of the existing commercial buildings and the construction of a 5-story, 56 foot tall, residential building with 50 units, a community room, two levels of parking for a total of 45 parking spaces. The project assumes a prospective buyer is approved for a 35% density bonus. A total of 5 units, or 11% of the units, are assumed to be set aside as Restricted Affordable Units for Very-Low Income households.
See attached Offering Memorandum for details.
