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$6,350,000
Est. payment /mo
7,967 Sqft Lot
UPDATED:
Key Details
Property Type Vacant Land
Listing Status Active
Purchase Type For Sale
MLS Listing ID 26835673
HOA Y/N No
Lot Size 7,967 Sqft
Lot Dimensions Assessor
Property Description
We are proud to present a rare opportunity to acquire an exciting and new type of entitled site in the City of Beverly Hills, one of the most coveted and supply-constrained municipalities throughout the nation. The 7,961 SF site has been entitled utilizing the state Housing Accountability Act Builder's Remedy provisions, securing approvals for a 12-story multi-family development with 65 units. At a maximum height of 124 feet, the residential tower would consist of 52 market rate units and 13 lower-income units. The Project design features 11 residential levels with 31 studios, 23 one-bedrooms, and 11 two-bedrooms, plus a rooftop deck, balconies, and 15 parking spaces. The subterranean parking level will include bicycle parking, utility rooms, the elevator lobby (for dual elevators), and two staircases with direct access to the roof. The ground level includes a generous lobby with a high ceiling. The design is stacked to simplify construction, providing for savings in time and materials. With the Builder's Remedy Covenant and Agreement entitlement in place, skip the biggest headache and go direct to Plan Check, bypassing the lengthy discretionary approval process typical of projects at this scale. Priced at just under $100,000 per buildable door, the offering represents compelling land value for an address that commands some of the highest residential rents in the Los Angeles area. A developer delivering a full-service, design-forward building here will find a ready pool of discerning renters willing to pay a premium for quality, location and views, there being no other buildings of this stature anywhere nearby. The site is positioned steps from the Beverly Hills Triangle, home to the city's most celebrated collection of flagship retail, fine dining, and five-star hotels, and sits directly adjacent to the Beverly Hills Tennis Club, with high-end offices and professional tenants across the street. The surrounding area exhibits the kind of affluent, amenity-rich neighborhood that attracts the most discerning renters, with the added prestige of living at the only 12-story building supporting premium long-term rents and renters. Opportunities to build at this scale in the City of Beverly Hills, with entitlements already in place, are exceptionally rare. These types of outlier projects, outsized for the area and fully in disagreement with the local zoning standards, may never get approved again! The property currently houses an eight unit apartment building with seven tenants. This offering represents a rather unique, possibly singular chance to deliver a landmark residential project in one of the world's most recognized and desirable addresses, creating a trophy investment that can become your next generational asset!
Location
State CA
County Los Angeles
Area C01 - Beverly Hills
Zoning R4
Interior
Fireplace No
Exterior
View Y/N Yes
View City Lights, Panoramic
Building
New Construction No
Others
Senior Community No
Tax ID 4342005002
Special Listing Condition Standard
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Listed by Dario Svidler Keller Williams Beverly Hills #01884474
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