Description

We are proud to present for sale a 73-unit mixed-use Project in the downtown Mar Vista submarket of West LA. Built to an unprecedented eight stories, the finished project should offer unobstructed views on all sides starting on the 3rd floor up to the rooftop deck. The Project has all but 1 item needed to file for a ministerial entitlement that is exempt from CEQA. The project will be +/-62,000 SF of building spread out over 73 units (60 Units +13 ADUs); 66 Units will be Market Rate with only 7 VLI required. With 14 two-bedroom units and 59 one-bedroom units, build it and the tenants will come to enjoy the ocean-view rooftop deck. Sharing the same block as the Mar Vista Farmer’s Market each Sunday, the property is surrounded by shops, nightlife, casual and fine dining. Mar Vista sits comfortably between Venice and Culver City with direct access to the 405 freeway just a few blocks east. This is an “A” location for a new multifamily development. The Project is clear of power line issues and has no encroachment interferences. The proposed project is statutorily exempt from CEQA and the entitlement is to be ministerial approved. While this is primarily a market rate project, the approval process is expedited similarly to the ED1 process for 100% affordable projects. By simultaneously engaging with City Planning and LADBS, a developer could foreseeably break ground within 12 months, much faster than a 100% market rate or TOC project. (Project includes 12028-12034 Venice Blvd. APN #4235-024-005 and #4235-024-006).