Stats

• Sold Price $3,450,000
• Price per Sqft $268
• Lot Size 12,892 SF
• Zoning C4-1D

About the Property

Mixed Use: Basement Parking/Commercial, First Floor Parking + 39 Residential Units On Second Floor To Fifth Floor. This Is A 100% Private Funded Private Housing With No Tax Credits.

NUMBER OF STORIES: 4 Stories Residential Over Commercial & Parking. Total 6 Stories, One Below Grade

The apartment development site is perfectly situated within one of the world’s most sought-after culturally and creatively driven neighborhoods. The project represents perhaps the only available development site over 30 units available within the immediate submarket now and for potentially years to come. This is due in part to a litany of bureaucratic controls which have been introduced (and continue to be introduced) since the entitlements for the Ivanhomes project were vested. Replication of a project of this scope along this immediate corridor may not occur for any foreseeable period into the future despite increasing demand to live, work, and play at one of the world’s coolest neighborhoods.

The project is perfectly appointed to partially satiate a demand for smaller luxury units walkable to some of the most desirable restaurant and park amenities that Silver Lake has to offer. Home ownership due to sheer lack of supply infusions of any meaningful quantity (maybe a small 2-6 SLO project here and there) will continue to increase in unattainability thus ensuring the continued attractiveness of the proposition of owning and operating quality rental product. The project is large enough to offer a formattable posture within the neighborhood while still being considered a boutique building. Its builder will enjoy ownership of a true showpiece asset which will be a definitive landmark within an already notable neighborhood becoming more exclusive and cherished year after year.

The project represents one of very few if any fully entitled apartment projects of any reasonable scale within the immediate vicinity.

The project entitlements and plans call for the demolition of two existing commercial buildings (all properties will be delivered vacant at close of escrow) and the construction, use, and maintenance of a new, six-story, 60-foot tall, 39-unit, mixed-use development with four units set aside for Very Low-Income Households and 1,887 square feet of ground-floor commercial space.

The Property is being offered for sale with the selection of the buyer being influenced by the level of physical and economic due diligence initially undertaken by prospective purchasers.

Platinum Triangle Group, the project’s developer, has tapped Nest Architecture to design the low-rise structure.  Renderings depict a contemporary building with open space amenities located on its upper level.

The project has been redesigned since Platinum Triangle initially filed for entitlements in September 2018 as a result of community feedback.  The number of apartments and the amount retail space have been reduced, while the size of its parking garage has been increased.

A staff report recommends that the City Planning Commission should approve the project and designate it as exempt from the California Environmental Quality Act.