Presented for sale is one of those rare Prime Development Sites in the epicenter of Hollywood… though not so rare that it can potentially be bundled with the lot to the north (owned and listed by separate parties).
Located across from the Capitol Records Building and steps to the Walk of Fame, 1750 N. Argyle Ave. is about a five minute stroll to Hollywood & Vine, the Metro Subway Station, an absurd number of restaurants and nightlife destinations, the Pantages Theatre, the Hollywood Bowl, Sunset Gower Studios, the Palladium, Trader Joe’s…we could go on and on, the location is practically unmatched!
The 34,320 SF Lot is zoned C2-2D-SN-CPIO, with Tier 4 TOC and Tier 3 TOIA. The property falls under the Regional Center Commercial designation in the General Plan, making it perfect for Mixed Use, Mixed Income, or focus on 100% Affordable Housing.
Being within 1/4 mile of Metro heavy rail, the property has further potential with SB79.
There is no RSO to worry about, the land benefits from a Moderate TCAC level (not QCT or DDA) and sits within an Opportunity Zone. No relocation hassles, no Ellis!
The Seller has very basic conceptual plans for 148 units on a five story design with one level of subterranean parking (that would occupy half the lot) consisting of 100 studios, 29 one beds and 19 two beds.
The property previously housed the Little Church of Hollywood, that burned down in 2007 — the Office of Historical Resources has stated that they are willing to approve at least a 50% ground coverage project to replace the once-historical property, with the remainder being dedicated to a (private) park as a treasured amenity for your future tenants - a quiet oasis in the middle of it all.
The Seller will consider offers with periods of up to one year in length for entitlements, so long as the contingency period is short and other terms are agreeable. The Seller has a Fault Line Clearance in hand! Utilize the Sign District designation to join the Times Square of the West Coast!
It is time to bring a new life to this part of Hollywood!
Dario Svidler
Partners CRE - KWBH
