Located approximately 5.5 miles southeast of Downtown Los Angeles, the site (previously operated as a foundry/steel forming operation but now cleared of all structures with some remaining slabs) is postured within a mature residential neighborhood in the City of Cudahy (Los Angeles County’s second smallest city). It represents the increasingly elusive opportunity to acquire a substantial infill land assemblage zoned for lower-density residential development at an unmistakably infill Los Angeles County location. The purpose of this brochure is to review the site’s challenges and advantages with focus on a viable residential development methodology using the existing zoning with the infusion of a 50% state bonus density (which is permitted under CUP in the City of Cudahy).
With all structures raised and based on the site’s existing LDR (Low Density Residential) designation, it would seem as if the site’s most viable (or only) option moving forward is for residential development.
Valuation and terms expectations for the site's disposition has been established to enable a residential developer/homebuilder to shoulder the cost of remediation while executing a +/- 50-unit townhome condominium development under the site’s existing zoning + allowable 50% State Bonus Density (thus requiring a 15% BMR component which the city requires 15% inclusionary for all residential projects). The proposed land sale will enable Ownership to close this chapter while allowing a developer with a use more potentially “acceptable” to the community to proceed. A few additional key points regarding residential development on the site:
The site’s existing zoning and general plan designations are in alignment as LDR (Low-Density Residential). This designation allows 15 DU/Acre with a 2-story (35’) height limitation.
The existing zoning will permit a base density of 33 units. The City of Cudahy acknowledges state bonus density policy (with CUP – further explained herein) for a 50% bonus in exchange for 15% set-aside. This potential resultant would be a total of 50 units including 5 set-aside low-income units (City calculates BMR component as 15% of the base calculation as does the State of CA). Cudahy requires 15% inclusionary for all projects including a project reflecting only the base density of 33 units. Hence, utilization of the bonus density would seem logical if residential is the desired end-use.
On 1/31/24, Ownership, with the assistance of Evanisko, formally applied to the City of Cudahy for an “Initial Development Review” of the residential development concept outlined herein with the purpose of gaining proactive commentary on the entitlement assumptions and building policy assumptions incorporated under a draft site plan provided in collaboration with Ziese Architecture.
Price: $4,250,000. Terms TBD.
