Current Listing | 30,503 SF of Highly Desirable Development Land
Hythum Kiswani of Lyon Stahl and Thomas Watkins of Centennial Advisors are pleased to present 7th & Valencia Land Opportunity, 30,503 SF of highly desirable development land just West of Downtown with skyline views.
With a recent major price reduction. This property is currently listed at $10.5M.
(Originally listed at $12M)
The Southern California real estate market is heating up in many aspects and one certain sector of specialized real estate in particular: Mixed-Use Development. Centered in and around urban sprawls, Mixed-Use Development is the current darling of Institutional Investors in Los Angeles, and Los Angeles only (with its focal point on Central City West). While condo high-rise and remodel development has been on the rise in Central Downtown LA, the Westlake Area is more desirable due to better zoning and lower cost of entry.
High-profile developers are capitalizing in this market segment as they take advantage of preferred zoning and preferred funding to entering this elusive and lucrative investment category. Downtown LA’s Westlake area is seen as the connecting gap between Santa Monica/West LA to the West and Central Downtown to the West. Additionally, it connects Hollywood to the North, and Culver City and Southwest LA to the South.
The business model is simple: Provide a mix of affordable and market-rate housing to maximize profits and zoning incentives that hold ultimate convenience for tenants by providing ample office space in the building. In other words, create a truly mixed-use, ultra-modern/urban live-work environment. 7th Street Tower will be a combination of both market rate and moderate-income housing that totals up to 167 units where 125 units will be for market-rate units. The added value of above-ground parking allows developers to avoid the need for costly and complex subterranean parking. Even more, the value can be realized with the C2-2 Zoning, allowing for a total of 183,000, by-right, square feet.
7th & Valencia sits in the Westlake area just West of Downtown with ensuring skyline views. The subject is situated in a promising central core location with high-density rental demand just blocks from L.A. Live/Staples, 2 blocks from Metro Rail stations, and in the midst of rapidly expanding growth downtown. The area has one of the densest populations in the Los Angles Metro Area. In addition effortless access to all things Downtown, the property is positioned with Silver Lake to the north, Echo Park to the northeast, and Koreatown to the west. Westlake touches East Hollywood on the northwest. Residents of the area enjoy easy access to the 101, 110, 10, and 5 Freeways.
Considered one of the hottest up and coming areas in LA months the area has seen a number of gentrification efforts underway in recent months with no end in sight. Most projects involve adaptive reuse of existing buildings, and hotels, and today Westlake is poised to see an influx of money that many would have thought impossible a few years ago, and it’s sure to change the character of the neighborhood in big ways.
Investment Highlights: Clean Phase 1 & 2, 30,503 SF of Highly Desirable Development Land, Frontage on Prime 7th St with Downtown Skyline Views, Large Rectangle Lots, C2-2 Zoning, 6-1 FAR – 183,000 SF Development Construction Available, Highly Walkable Residental Location (92% Walk Score), Adjacent to Downtown Los Angeles Employment Center of 500,000 Jobs, Above Ground Parking Project, No Costly Subterranean Parking Need, Urban Infill Development Opportunity, In Immediate Path of Gentrification Near Downtown, Koreatown, Silver Lake, and City West.
For More Information on this Property:
For More Information, Contact:
Hythum Kiswani: [email protected]
Thomas Watkins: [email protected]