2305-2311 W 2nd St

Introducing an exceptional and incredibly sought-after development site, encompassing a large area of 12,940 square feet, now offering a remarkable opportunity for sale. Located in the highly desirable Westlake area, just south of Beverly Blvd, this property offers convenient alley access. It will be handed over entirely vacant, delivered along with an exception for SB8, meaning no requirement of low-income units. This investment is a dream come true for developers as it allows the purchase of land in the sought-after Silverlake Adjacent region, only steps away from Echo Park. The parcel falls under the R3-1 zoning category enabling developers to construct around 17 spacious units at an impressively low price per square foot of $143. Moreover, there is the advantage of the Transit Oriented Density (TOC) bonus, potentially leading to the development of up to 28 units.  AB 2345 allows for increased density bonuses. This legislation provides an opportunity to expedite the entitlement process for your 100% affordable housing development, allowing for a quicker and more efficient approval process. Additionally, Executive Directive 1 (ED1) can further streamline this process, ensuring that your project moves forward smoothly and expeditiously if pursuing 100% affordable housing. Don't miss out on this chance to make a positive impact in your community. The subject property holds a central position within the vibrant Westlake and Filipinotown areas. It's a hidden treasure within a rapidly advancing neighborhood surrounded by brand new developments. Moreover, it enjoys close proximity to an array of dining establishments, bars, coffee shops, retail stores, and key locations like Downtown LA, Silverlake, and K-Town. Buyers must conduct their own due diligence with regards to development possibilities, and property inspections will only take place following an accepted offer.