We are pleased to present 504 Glenrock & 505 Landfair Avenue, a prime development site located in one of the most desirable zip codes in the country: 90024. Located in Westwood and steps to UCLA, the site is zoned R4 and falls within Tier 2 of the local TOC (Transit Oriented Community) program. This special designation allows a developer many options when designing the project. By right, the zoning allows for 22 units, a 45-foot height limit, and a building envelope of 53,055 square feet. If a developer wants to build a luxury condo project in an affluent neighborhood where some comps are trading for over $1,500/SF, this may be the best option. Alternatively, if a developer wants to utilize the TOC density bonus and maximize the unit count, they can build up to 37 units, go up to 56 feet in height, and have a building envelope of 76,930 square feet. If the architect and developer are willing to get a little creative, they might even be able to squeeze in a few more units by designing for ADU conversion post certificate of occupancy. If you believe the highest and best use of the land is to build a project that caters to the student population at one of the most well-regarded universities in the country, this may be the best option.The development site is conveniently located between three beautiful, trendy, and affluent neighborhoods: Brentwood, Century City, and Beverly Hills. Popular local points of interest include the world-renowned Rodeo Drive, the sprawling new Century City Mall, Sawtelle's Japantown, and Westwood Village. Key local employers include entertainment giants 21st Century Fox, Sony Pictures, Culver City Studios, and Fox Studios. While roughly 20,000 jobs are in the motion-picture industry, ancillary businesses tied to entertainment are a major source of employment in the area.If you are looking for a prime development site located in a core market with tremendous future potential, look no further. When completed, the subject property will offer its residents access to world-class shopping, dining, and entertainment, all within a short drive. With continued regional home price appreciation, the offering presents an immediate opportunity to capitalize on the strong market demand for new residential product.
- Price: $ 12,995,000
- MLS ID: 22171939
- Property Type: Land
- WEB ID: PR02267801
- Property Status: Active
- Lot Size: 17,685sqft
- Listing Status: Active
- Listing Agent: Filip Niculete
- Listing Office: Marcus & Millichap
- CO-Listing Agent: Jonathan Taksa
of Beverly Hills/Greater LA
- CO-Listing Office: Remax Commercial and Investment Realty
Based on information from CRISNet MLS as of 8th August 2022 at 10:38am. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.