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$ 4,200,000
Est. payment | /mo
0.43 Acres Lot
$ 4,200,000
Est. payment | /mo
0.43 Acres Lot
Key Details
Property Type Vacant Land
Sub Type Unimproved Land
Listing Status Active
Purchase Type For Sale
MLS Listing ID CL26842135
HOA Y/N No
Lot Size 0.425 Acres
Acres 0.4255
Property Sub-Type Unimproved Land
Property Description
We are pleased to present the opportunity to acquire 1050 & 1056 S Norton Avenue, a 102-unit, 100% affordable apartment development site located in Los Angeles' Mid-Wilshire / Olympic Park submarket within the Country Club Park HPOZ. The project is situated on an approximately 18,533 SF lot in a central Los Angeles infill location near Mid-Wilshire, Koreatown, Hancock Park, and the greater Wilshire corridor. The proposed development is designed as a 5-story, Type III-A residential apartment building consisting of 102 total units, approximately 33,833 SF of rentable area, and approximately 42,908 SF of proposed building area. The project is being developed under Executive Directive 1 as a 100% affordable housing project pursuant to AB 1763 and AB 2345, allowing for unlimited density and zero parking within proximity to a major transit stop. The planned unit mix includes 27 studio units, 71 one-bedroom units, and 4 two-bedroom units. The affordability mix shown in the plans includes 21 moderate-income units, 73 low-income units, 6 very-low-income units, and 1 extremely-low-income unit, plus 1 manager's unit. The project benefits from significant development incentives, including zero parking, additional height allowances, and an FAR increase from 3:1 to approximately 3.46:1, with the proposed FAR shown at approximately 3.44:1. The plans also reference off-menu incentives for a 100% reduction in open space and tree reduction subject to approval. Located within an established residential neighborhood, the site provides strong access to transit, employment centers, retail, and daily amenities throughout Central Los Angeles. With a large combined lot, 102-unit affordable housing program, and ED1 entitlement pathway, this offering presents a strong opportunity for developers seeking scale in a supply-constrained Los Angeles market.
Location
State CA
County Los Angeles
Zoning R3-1-O-HPO
Interior
Fireplace No
Exterior
View Y/N true
View City Lights
Building
New Construction No
Others
Tax ID 5081010009
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Listed by Jordan Petito • Keller Williams Beverly Hills
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