2771 Rowena Ave
Los Angeles, CA 90039
Land For Sale · 0.30 AC

Project Advantages Approved entitlements. Approved density bonus case and schematics for a 39-unit apartment project + 1,402 SF of commercial space. Building plans delivered permit ready. All clearances will be delivered cleared by Seller within 30 days of close of escrow except for clearances requiring bonding. Seller's architect, Nest Architecture, is also acting as role of expeditor and is fully aware of each open task require to finalize remaining clearances (open clearance matrix and description available upon request). The sale will be structured to enable a purchaser to break ground upon close of escrow. Pristine corner Silver Lake location. Little to zero new construction competition in the immediate vicinity. Minimal Excavation Required. The project will park 36 cars on two levels. Due to the slight upward slope of the site the first level of parking will exist mostly above grade. Removal of unsightly power line intrusion concept intact. Seller’s utility consultant (DUEx) has devised an arrangement with all applicable DWP departments (UG Conversion, Pole Spotter, and Engineering) for an underground conversion procedure which will eliminate unsightly power lines along both abutting streets in front of the project with a temporary manuever to relocate lines on existing poles to enable construction to commence now. The result will be a new building with no tenants conflicted by power line views – an anomaly in the Silver Lake area. The underground conversion beyond producing a much more aesthetically optimal result, became a necessity due to the proximity of the proposed building to the existing power lines. Increasing project setbacks would eliminate the necessity of relocating the power infrastructure but would require a new planning submittal and reduction of the size of the project envelope. Project Challenge Costly DWP underground conversion. Underground conversation of existing power line infrastructure will require trenching and re-routing and installation of approximately 1,300 feet of underground distribution cable and related equipment and removal of three poles on Rokeby Street. In order to formally proceed, DWP will require a $102,000 retainer to complete the engineering design study which will take 18 months to design per DWP letter of engagement dated July 20, 2022. Upon completion of design, the DWP will require a $1,451,000 bond to ensure the completion of the conduit and substructure system by the builder’s Class A utility contractor. The pricing of the real estate/project accounts for this increased cost of these offsite improvements/work. Completion of the underground conversion project could take up to 30 months from the time DWP is paid their retainer to begin formal engineering (18 months for design + 12 months to construct). This will coincide with completion of the 39-unit building. The added cost and coordination is not optimal but in the long run will represent the optimal outcome as it relates to maximizing value of the finished asset.