MASSIVE 32,622 SF LOT IN PRIME CULVER CITY FOR MIXED-USED PROJECT - 2 lots are sold concurrently. Opportunity to acquire 11736, 11740, 11746 and 11750 W Washington which are some of the rarest prime development sites located in the heart of Culver CIty. Subject sale includes 2 separate properties that consist of four (4) parcels situated on approximately 32,622 square feet of land just south of Downtown Culver City and north of Venice and Marina Del Rey. With Apple, Amazon, Google, Facebook, and HBO all opening major new office & studio locations Culver City is set to become the next Silicon Valley and new mecha of a content factory making this one of the strongest rental markets throughout Los Angeles. The subject lots are approved to be developed as a mixed-used project, presenting a one-of-a-kind chance to develop a luxury condominium development with potential major retailer on the ground floor such as Target, Trader Joes, Erewhon or Bristol Farms. The Asset is ideally located on 32,622 Square Feet of land with mixed zoning of CCC3YY and R3-1. Of the total 32,622 of land, approximately 23,319 Square Feet is zoned CCC3YY and 9,309.11 Square Feet is zoned R3-1. Lots benefit from large 223.89 feet of frontage along Washington Blvd "By-right", a developer can build by right 30 residential units, 6 retail units and through the utilization of the State Density Bonus, providing 11% affordable (VLI) to receive two incentives: Floor Area Ratio and 20% decrease in any individual required to set back, you can build up to 50 residential units and 6 retail units. Savvy developers can also use the Culver City community benefit program to increase the ratio of by right units from 35 units per Acre to 50 units per Acre to maximize unit count for this project.
Listed by Vinnie Park, Coldwell Banker Realty,
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Data last updated 9:06 AM UTC, 10/3/22