Description
"Plans are approved and ready to be pulled. This piece of land creates a rare and tremendous opportunity to develop multi units building in the highly desirable Brentwood neighborhood. This 6,900 SF land with 77 feet frontage on Westgate Ave., has been approved for "by-right" development of a four (4) story, eight (8) units apartment building (To be built to "condo spec") one (1) level of subterranean parking. Permits are ready to be issued (RTI ready). However, recent changes in zoning and/or ordinances (To allow more housing due to housing and affordability housing shortage in Los Angeles), there could be alternative development opportunities this land may be used for, such as 1) After five (5) years of renting the units, the units could be revisited and turned into eight (8) condos with the current parking structure (Buyer is to independently conduct research to verify) OR 2) By making a few adjustments to the plans, the development could be switched to a six (6) condo project, OR New plans could be drawn for seventeen (17) one bedroom apartment building, three (3) of which would have to be allocated for "low income housing" (Buyer is to independently verify). Property is close to UCLA, VA hospital, Westwood Village, shops and restaurants and both the 405 and 10 freeways."
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0BEDS
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0.16ACRES
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0BATHS
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01/2 BATHS
School Ratings & Info
Description
"Plans are approved and ready to be pulled. This piece of land creates a rare and tremendous opportunity to develop multi units building in the highly desirable Brentwood neighborhood. This 6,900 SF land with 77 feet frontage on Westgate Ave., has been approved for "by-right" development of a four (4) story, eight (8) units apartment building (To be built to "condo spec") one (1) level of subterranean parking. Permits are ready to be issued (RTI ready). However, recent changes in zoning and/or ordinances (To allow more housing due to housing and affordability housing shortage in Los Angeles), there could be alternative development opportunities this land may be used for, such as 1) After five (5) years of renting the units, the units could be revisited and turned into eight (8) condos with the current parking structure (Buyer is to independently conduct research to verify) OR 2) By making a few adjustments to the plans, the development could be switched to a six (6) condo project, OR New plans could be drawn for seventeen (17) one bedroom apartment building, three (3) of which would have to be allocated for "low income housing" (Buyer is to independently verify). Property is close to UCLA, VA hospital, Westwood Village, shops and restaurants and both the 405 and 10 freeways."
Based on information from California Regional Multiple Listing Service, Inc. as of 2024-12-12T00:27:06.543. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS or Rusnell Real Estate Group | Vista Sotheby's. Licensed in the State of California, USA.