A chance to develop multifamily housing has recently been made available in Torrance. A 23.44-acre property, referred to as Del Amo Fashion Village, is listed by Newmark for sale or as a joint venture opportunity, on behalf of TransformCo.
Positioned adjacent to the Del Amo Fashion Center, the South Bay site is located at 22100 Hawthorne Blvd. The site’s general plan and zoning designations permit multi-family mixed-use projects, offering flexibility and growth potential. The zoning allows for a maximum building height of 200 feet, providing ample space for a landmark development.
The development site enjoys proximity to high-paying jobs, employment centers and various retail and entertainment amenities. Residents of Del Amo Village will enjoy unparalleled convenience, being steps away from the recently renovated Del Amo Fashion Center. With nearly 20 million annual visitors, this shopping and entertainment Mecca hosts major tenants such as Nordstrom, Macy’s, Din Tai Fung, Crate and Barrel, Barnes and Noble and more.
The South Bay multifamily market has faced a dearth of comparable developments for the past 30 years, resulting in an aging inventory dominated by Class B and C Garden-style properties. Del Amo Fashion Village is positioned to fill this void, offering a chance to execute a new, large-scale development in the heart of the South Bay. Historically, Torrance has been resistant to multifamily projects, but with the current housing shortage in Southern California, new mandates are driving a shift.
The South Bay rental market has shown resilience compared to other metro locations, boasting a low vacancy rate of 3.3 percent, according to Newmark. With only two projects under construction in the entire South Bay market, Del Amo Fashion Village is poised to capitalize on sustained demand and high market rents for Class A multifamily construction.
The submarket surrounding Del Amo Fashion Village has witnessed significant redevelopment and change. Local and state mandates have propelled the city to encourage more housing units, evident in the 47 percent renter-occupied housing units within a three-mile radius. With homes selling for an average of $1.25 million, renting has become the preferred option, attracting a strong renter demographic. Additionally, the area boasts over 144,645 white-collar workers, constituting 80 percent of the workforce and engaging in high-income fields such as business, finance, sales, management and healthcare.
