Description
We are pleased to offer a Ready-to-Issue (RTI) Development Opportunity at 957-967 S Arapahoe Street, Los Angeles, CA. This 25,658 square foot property, spanning three lots in the Wilshire Community Plan Area, is zoned R4-1 for High Medium Residential use, ideal for a Transit Oriented Communities (TOC) Tier 3 project. Notably, two of the lots currently have existing structures, offering additional flexibility and income in preparation for a construction project. The approved development consists of a five-story, 109-unit Mixed-Income Apartment Project, with 93 market-rate units and 16 affordable units encompassing a total of around 66,040 square feet of residential Space. The project includes a well-balanced unit mix of 63 studios, 40 One-Bedroom units, and 6 Two-Bedroom units, designed to accommodate a diverse range of residents, from single professionals to small families. The building is designed with Type III-A construction over a Type I-A subterranean garage. The project benefits from AB2097, requiring no mandatory parking, but provides 60 parking spaces, including designated EV charging stations and ADA-compliant parking spaces. The property is just under a mile to the Metro Subway Station. Residents will enjoy 3,178 square feet of rear-yard open space, a courtyard, roof decks, a fitness center (ADUpossibility), and private balconies, all contributing to a well-rounded living experience. Situated in a walkable, transit-rich neighborhood, the property is close to schools, parks, retail, and public transportation. The RTI PlanChecks streamline the development process, offering a quick ramp-opportunity for Developers to quickly capitalize on the growing demand for housing in Los Angeles.
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School Ratings & Info
Description
We are pleased to offer a Ready-to-Issue (RTI) Development Opportunity at 957-967 S Arapahoe Street, Los Angeles, CA. This 25,658 square foot property, spanning three lots in the Wilshire Community Plan Area, is zoned R4-1 for High Medium Residential use, ideal for a Transit Oriented Communities (TOC) Tier 3 project. Notably, two of the lots currently have existing structures, offering additional flexibility and income in preparation for a construction project. The approved development consists of a five-story, 109-unit Mixed-Income Apartment Project, with 93 market-rate units and 16 affordable units encompassing a total of around 66,040 square feet of residential Space. The project includes a well-balanced unit mix of 63 studios, 40 One-Bedroom units, and 6 Two-Bedroom units, designed to accommodate a diverse range of residents, from single professionals to small families. The building is designed with Type III-A construction over a Type I-A subterranean garage. The project benefits from AB2097, requiring no mandatory parking, but provides 60 parking spaces, including designated EV charging stations and ADA-compliant parking spaces. The property is just under a mile to the Metro Subway Station. Residents will enjoy 3,178 square feet of rear-yard open space, a courtyard, roof decks, a fitness center (ADUpossibility), and private balconies, all contributing to a well-rounded living experience. Situated in a walkable, transit-rich neighborhood, the property is close to schools, parks, retail, and public transportation. The RTI PlanChecks streamline the development process, offering a quick ramp-opportunity for Developers to quickly capitalize on the growing demand for housing in Los Angeles.
Based on information from the Combined LA/Westside Multiple Listing Service as of 2024-12-11T18:42:56.343. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.