The Neema Group of Marcus & Millichap is pleased to present a rare, generational opportunity to acquire a unique development site on Westwood Blvd in Los Angeles, CA. The lot is located on a signalized hard corner of Westwood Blvd & Missouri Ave. The site consists of +-14,231 SF of land zoned C4-1VL-O in a Tier 3 TOC centrally located south of Westwood, west of Century City, and east of Santa Monica. This irreplaceable West Los Angeles location is two miles from UCLA, 1.8 miles from the VA Greater Los Angeles, and less than one mile from the Google-anchored office campus development on Pico Blvd. The accessibility to the most desirable destinations in Los Angeles and immediate transportation as well as amenities on Westwood Blvd & Santa Monica Blvd makes this project an ideal apartment development opportunity.
The project presents the opportunity to build up to 60 units utilizing the Tier 3 TOC density bonus program. Preliminary work is available to qualified buyers that includes renderings and plans for a six story multi-family building with 2.75 levels of subterranean parking. The unit mix consists of four studios (445-500 SF), 36 one-bedrooms (540-770 SF) and 20 two-bedrooms (810-1,240 SF) that were efficiently designed to capture the broad array of professionals set to be working in the near vicinity.
Additionally, the current building consists of retail and office tenants with short term leases with income of +$31,500 per month for a developer to reduce carrying costs while finalizing entitlements.
1900 Westwood Blvd has a walk score of 91, and is also surrounded by multiple big scale development projects currently under construction in West Los Angeles including One Westside (584,000 SF of office), LUMEN West LA (553,475 SF of office), West Edge (255,000 SF of office & 600 residential units), and The Landmark Los Angeles (376 Apartment Units) among others. The West Los Angeles neighborhood continues to be one of the top rental submarkets in the city with rising rents year over year and demand continuing, illustrated by the rapid growth of new developments.
VIEWS FROM FLOORS 4-6 OVERLOOKING WESTWOOD, CENTURY CITY, DOWNTOWN AND SANTA MONICA
Located on the Westside of Los Angeles, Westwood is a commercial and residential neighborhood that’s bordered by Beverly Hills to the east and Century City on the southeast. Westwood Village centers on a 1920s Mediterranean-style shopping precinct, now home to chain boutiques, coffee shops, and casual eateries. The acclaimed Geffen Playhouse presents new plays and classics, while movie theaters include the 1931 Regency Village, with its distinctive Spanish-inspired tower. Exhibitions at the nearby Hammer Museum range from old masters to contemporary art.
Westwood was initially developed in 1919 by Arthur Letts, the founder of the Broadway and Bullock’s department stores. Developed in 1929 by Janss Investment Company. The campus of the University of California, Los Angeles (UCLA) is just north of Westwood Village.
The neighborhood of Sawtelle Japantown (formerly known as Little Osaka) is a true gem of West Los Angeles. The historic area is home to a sizable Japanese American population and is known for the trendy shops and restaurants centered on Sawtelle Boulevard. Today, Sawtelle Japantown is represented not only by its Japanese American postwar settlers and their descendants, but by a diverse set of Asians and other ethnicities and backgrounds. Take a stroll through the neighborhood and shop kitschy boutiques, nosh on delicious multicultural fare and more.
Brentwood includes high-style boutiques and trendy restaurants balanced by large secluded houses in the foothills of the Santa Monica mountains. A tranquil refuge for residents, while maintaining a distinct presence in greater Los Angeles culture. One of the neighborhood’s defining features is the Getty, which delivers world-class art from its mountainside perch.
Specialty food and clothing shops, like those in Farmshop, power this community’s sharp appearance and organic diet. The Brentwood Farmers Market, one of the best in LA, draws people from all over the city.
Santa Monica is a beachside city of 8.3 square miles on the westside of Los Angeles County. Offering an environment of unparalleled natural beauty, the city is home to a mix of residential communities, commercial districts, and recreational venues. Santa Monica features three miles of Pacific beaches and the Santa Monica Pier.
This “city within a city” is home to a cluster of high-rises that command a visible stretch of L.A.’s skyline. Century City is located on the west side of Los Angeles, sandwiched between Beverly Hills, West Hollywood, and Cheviot Hills. It’s known for having distinct skyscrapers and civic buildings, which form a trademark skyline that is visible from several canyons throughout Los Angeles. Century City is also home to several businesses, talent agencies, emergency centers, and entertainment studios.
The culture here is dominated by the Westfield Century City shopping mall. The upscale center has nearly 50 shops and restaurants, as well as a grocery store. The Annenberg Space for Photography is also within the neighborhood’s boundaries and hosts free exhibits throughout the year.