Listed by Newmark, Colliers - Los Angeles - Downtown, California
Unpriced
4680 Wilshire
Details
Property Type Multifamily
Sub Type Apartment Building
Square Footage 185,536
Units 190
Acreage 2.100
Zoning CR(PKM)-1, RD3-1
Ownership fee simple
Multifamily | 190 Units
Marketing description
Colliers presents the opportunity to acquire a feesimple interest in The Hancock (the “Property” or “4680 Wilshire”), a 185,536 NRSF fully entitled, mixed-use, residential project with Ready-To-Issue (RTI) plans available. The City’s new citywide Adaptive Reuse Ordinance (ARO) allows the project to be converted to 100% residential, either for sale or rent.
Nestled between the storied Fremont Place in Hancock Park and Brookside community, the 2.10-acre site is situated within one of the most prestigious and desirable neighborhoods in Los Angeles and is surrounded by iconic restaurants, shops, and entertainment venues. The building will be delivered with fully-approved redevelopment plans, allowing an investor to bypass the arduous entitlement process with the City and capitalize on the substantial residential demand in the market. Renowned for its wealthy and highly educated demographic, with an average net worth exceeding $1 million within a mile of the Property,
Hancock Park commands premium pricing for residential space. The neighborhood offers a refined lifestyle, featuring the prominent Wilshire Country Club and convenient access to The Grove, Los Angeles County Museum of Art, and various dining options in Larchmont Village that extend into the gastronomic haven of Koreatown. A residential conversion is well positioned to capture the sizeable interest from Angelenos who desire to call Hancock Park home.
With seismic retrofit and redevelopment plans already approved and RTI plans, an investor has the opportunity to undertake a residential redevelopment without entitlement risk that would garner considerable residential demand.
The recently approved Los Angeles Citywide Adaptive Reuse Ordinance (ARO), provides investors with multiple residential re development options and the opportunity to revisit the existing entitlements in a by-right, ministerial process to convert the entitled office space to residential, potentially developing up to ~190 units.
Listing Contacts
Listed by Newmark, Colliers - Los Angeles - Downtown, California
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