Premier Development Opportunity in Thriving Westlake & Echo Park The current opportunity is to develop approximately 36 apartment units under Los Angeles's new Transit Oriented Communities (TOC). This measure requires the City Planning to create incentives for all housing developments located within a one-half mile radius of a major transit stop. Due to the proximity to the Temple & Alvarado St Metro stop, this development qualifies for TOC Tier 2. Density Bonus incentives include an additional 11 feet in height and 45% increase in FAR, 60% increase in the number of buildable units, a decrease in setbacks and open space requirements, along with a reduction in parking now only requiring 0.5 spaces per unit; no more than 1 required per unit. This 8,456 square foot lot will come with 2 vacant units. This offering is located in a thriving, development-heavy neighborhood, presenting an opportunity for developers looking to build a new multifamily project.
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