After receiving full entitlements several years ago, three multifamily high-rise development sites have been placed on the market. The properties, which have been listed by CBRE as unpriced, would allow a new developer the chance to build up to a combined 854 residential units and more than 33,591 square feet of commercial space in downtown Los Angeles.
The properties have all been entitled by local developer Barry Shy and can be purchased as a portfolio or individually. The project sites, which call for 100 percent market rate units, are located at 957 South Broadway, 920 South Hill Street and 601 South Main Street. While all properties are listed as unpriced, the offering document shows that similar land sales in the last five years have sold for around $600 per square foot.
The Broadway project site would be situated on nearly half an acre and would consist of a 15-story building with 163 residential units and 6,406 square feet of commercial space. In total, the project would encompass a floor area of 190,000 square feet, consisting of 99 one-bedroom units and 64 two-bedroom units.
Additionally, the property at 920 South Hill Street is entitled for a 32-story building with 239 residential units and 5,671 square feet of commercial space. In total, the building is entitled for 10 studio units, 149 one-bedroom units, 76 two bedroom units and four three-bedroom units.
The final property at 601 South Main Street would stand the tallest at 38 stories and would offer a total of 452 units and 21,514 square feet of commercial space. The project is entitled for a mix of unit types averaging approximately 988 square feet.
Each project site is located in downtown Los Angeles, providing immediate access to public transportation and various retail amenities.
Downtown Los Angeles is also home to more than 70,000 residents and more than ten million annual visitors. Downtown Los Angeles continues to see new development, with the offering memorandum also showing about $27.1 billion invested in Downtown Los Angeles since 1999.
