In August 2015, CGI purchased a 30,000 square foot lot for $6.35MM with the intent to develop Class A multifamily and retail product. The land is comprised of three contiguous lots with mixed R4 and C2 zoning located on the northwest corner of Mariposa Ave. and 3rd St. in the vibrant Koreatown neighborhood of Los Angeles. The mixed-use project is currently being entitled by CGI for 121 units above approximately 5,000 square feet of ground floor retail space, and will take an estimated 3 ½ years to complete inclusive of construction and stabilization. We broke ground in April 2017 and construction is underway.
CGI entered into the project with plans to operate the mixed-use building as apartments with a ground floor retail component. Due to anticipated appreciation of the condominium market in the area, we plan to develop the residential portion of property with a condominium map to allow for a possible future condo exit in addition to the main business plan of renting the units as apartments. Although the by-right zoning allowed for 98 units, we pursued approval for a larger, 121-unit project with a more than 50% increase to the building envelope. This larger size was officially approved by the city in December 2016.
|Property Address||259 S. Mariposa Ave, Los Angeles, CA
|Asset Type||Luxury Residential & Retail Development|
|Size||121 Residential Units & 5,000 SF Retail Space|