We are pleased to present 8867 Alcott Street, a high-profile RTI development opportunity in Pico Robertson, CA, just two blocks outside of the Beverly Hills city border. The RTI plans call for 17-units in a 5-story, above-ground structure over two levels of subterranean parking. This development opportunity is truly unique in that the site was grandfathered into the TOC program as a Tier 3 designation since the application was already in the city's system before the transit rezoning took place in June of 2019. As such, the city will no longer allow this type of building, with this height and density, to be built in this specific area. This will allow a buyer to capitalize on the opportunity to build a sizable structure that will afford tenants unobstructed views for miles, especially since the majority of parcels in this neighborhood are zoned R1 and R2. Currently, the property has a vacant triplex building on it. The tenants were not relocated via the Ellis Act nor were any tenants paid relocation fees, which should translate to smooth sailing for a developer looking to move quickly. All entitlement fees have been paid (including LADWP), which means a builder can pull all the building permits right after the close of escrow and start developing. The project was designed with flexibility in mind. A savvy developer will have multiple exit options since the project is eligible for the TOC condo tract. All that is necessary is for a buyer to file the appropriate paperwork with the city and pay the fees (approx. $30K). The process takes about one year and can be done concurrently with construction. No modifications to the building plans are necessary because it is a grandfathered in Tier 3 TOC project. Keep the project for yourself for the long-term appreciation in a core Westside market, or prepare the units to sell off individually at a premium, the choice is yours.
This property is off market, which means it's not currently listed for sale or rent on Zillow. This may be different from what's available on other websites or public sources.
