Pearl Group of KW Commercial as the exclusive agent is pleased to offer for sale a unique development opportunity located on the western perimeter of Downtown Los Angeles in City West. This 8,454 SF vacant lot is a corner parcel located on Lucas Ave/Miramar St. with views of Downtown LA. The property is zoned R4(CW)-75/3 and has a Tier 2 Transit Oriented Communities (TOC) designation within the Central City West Specific Plan. Current zoning may permit the construction of up to 21 units by-right, with a height restriction of 75 feet and 3:1 FAR. The properties Tier 2 TOC status permits a 60% increase in density, which may allow up to 36 units, 45% increase in FAR and reduced parking requirements. To take advantage of TOC incentives, a percentage of the total units would need to be dedicated to restricted affordable units. Developers who build a project consisting of 100% Restricted Affordable units may go up to Tier 3 TOC, which incentives include a 70% increase in density which may permit up to 38 units, 50% increase in FAR and no parking requirements. The property enjoys 140.9 Feet of frontage along Miramar Street and 60 Feet of frontage along Lucas Ave. This is a particularly exciting opportunity since this is a vacant lot, with no past or present improvements on the site, therefore no replacement units, rent control or relocation fees. Buyer to verify.
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