An entitled parcel in the vibrant Chinatown neighborhood of Los Angeles has been listed for sale. Situated at 717 to 759 N. Hill St., this 1.9-acre property represents a unique development opportunity for those seeking to capitalize on the area’s growth potential.
The property’s ownership has envisioned a modern mixed-use development that aims to enhance the land value of what is currently an underutilized parking lot. The proposed project includes 411 residential units, with 42 units designated as deed-restricted affordable housing for extremely low-income individuals. Additionally, the plan incorporates 17,140 square feet of commercial space.
Dario Svidler, executive vice president with Partners CRE, is leading the marketing efforts on the property along with Arman Mahmoodi, Christopher Soffer and Trenton Armitage from BeachRock Group.
The seller is an entity comprised of a number of partner LLCs, and they purchased the four-parcel site in January of 2021 for $19 million.
The ownership has partnered with architect AC Martin on the project design, and through close collaboration with Los Angeles city council members and city planning officials, the project has received full entitlement without any appeals as of October 2022. Furthermore, the development is exempt from the California Environmental Quality Act (CEQA), demonstrating its adherence to sustainable practices.
According to the marketing flyer, the proposed development boasts an upscale design featuring dark gray exterior fiber cement panels facing N Hill Street and white cement plaster along the rear. Its Tetris-like shape creates open spaces for two podium amenity decks, including a ground floor deck facing Southeast and a second deck at the rear with a pool, facing Northwest. These amenities contribute to an elevated living experience for future residents.
Throughout the development process, the ownership has closely engaged with the community and worked to ensure that the project aligns with the neighborhood’s values. The development aims to minimize its environmental impact by incorporating sustainable design elements and contributing to a vibrant and thriving community.
Located in the heart of Chinatown, the property benefits from its proximity to the Metro Station. Situated at the intersection of North Spring Street and College Street, this transportation hub offers easy access to the Metro Gold Line, providing convenient transportation to downtown Los Angeles, Pasadena, and beyond. The Chinatown Metro Station itself is a modern and sleek structure designed with striking geometric lines and a bright and airy interior. In addition to providing transportation services, the station offers a range of amenities, including restrooms, ticket vending machines, and a Metro Customer Center for traveler assistance.
Chinatown is known for its rich cultural heritage and offers an array of attractions for residents and visitors alike. The historic Central Plaza, with its vibrant atmosphere, allows individuals to immerse themselves in the sights, sounds, and flavors of traditional Chinese culture. The neighborhood’s streets are lined with a wide array of restaurants, food stalls, galleries, and museums, showcasing contemporary and traditional Chinese art and cuisine.
