The subject property is an island roughly 8,738 SF of land with multiple points of ingress and egress with access from Montana Street, GlendaleBoulevard and Lake Shore Avenue.By exercising the Transit Oriented Communities (TOC) guidelines, an investor is entitled to Ã‚Â±28,399 SF of buildable square footage, a 60% density bonus with increased FAR of 3.25:1. The site is zoned LAC2 with Tier 2 incentives, providing an opportunity to build 36 units atapproximately $58,000 per buildable unit!Situated in the highly sought-after Echo Park submarket, 1340 North Glendale Boulevard has approved plans to develop roughly 5,538 SF of retail divided between four (3) storefronts on the ground floor, one (1) kiosk, and two (2) studios on the second floor totaling roughly 7,779 SF of building with 13 subterranean parking spaces. The mixed use development is projecting a value of nearly $8M upon completion!
Based on information from California Regional Multiple Listing Service, Inc. as of August 20th, 2019 at 10:52am CDT. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.