Project Category: Substantial Improvement Property
Redevelopment opportunity to convert strip mall and parking lot to ground floor retail with apartments above
Seeking to sell to Opportunity Fund or open to joint venture for the following addresses:
1457 E. Florence, 90001 - AIN#: 6010-027-067
1435 E. Florence, 90001 - AIN#: 6010-027-036
1431 E. Florence Blvd, 90001 - AIN# 6010-027-037
There were two recent announcements that are beneficial to the three lots. First, the LA County Board of Supervisors approved the Florence-Firestone Community Plan on 2/27/18 (pending adoption). A key part of this plan is rezoning a one-mile stretch of Florence Ave, which is the connective tissue of the community, to encourage new investment and development along the corridor. Second, the census tract the buildings are located on has been designated an "Opportunity Zone".
NEIGHBORHOOD ANALYSIS AND CURRENT ZONING
Florence-Firestone consists primarily of single family households with retail commercial development along major corridors. The residential areas are located on the side streets and contain a mix of single and multi-family housing units, with 72% being renter-occupied. Over 46% of the units are more than 50 years old, and 38% are overcrowded. Commercial businesses such as retail stores, shopping centers, and auto services line the main corridors. These businesses are well patronized, but the physical condition and appearance of the buildings are in need of repair and reinvestment. The commercial structures’ orientation to the street is inconsistent, with some properties maintaining a traditional urban form with storefronts built to the sidewalk, while others were converted to strip-mall development with parking adjacent to the sidewalk. There is a lack of gathering places, such as sit-down restaurants, entertainment venues, or outdoor seating areas within the commercial developments.
Florence Ave is currently zoned as C2 Neighborhood Business. In accordance with the zoning, the street contains one and two story commercial building with retail and restaurant uses by-right, a 1:1 FAR, and no multifamily residential.
The Florence-Firestone Community Plan aims to promote development along Florence Ave by designating the corridor a Mixed-Use Development Zone, allowing for multi-use buildings that include housing above ground-level retail space with a 150 units/acre density and 3:1 FAR.
The three lots (1431, 1435 and 1457), which span ~0.9 acres, are in the rezoning area (~4% of the rezoning area). To entice larger developments, projects covering multiple parcels are eligible to receive density and height incentives.
RECENTLY ANNOUNCED DEVELOPMENTS NEARBY
There is a new county-partnered project proposed two blocks from Florence and Compton, which could become a catalyst for development in the area. In accordance with the new zoning, this proposal is to build a 166 unit Senior Affordable Housing complex for low and very low income tenants at the current site of the Florence Library, which will be relocated in the ground floor.
A 44 unit low income housing project was also recently announced nearby at 7321 Miramonte Avenue, replacing a parking lot.
POSSIBLE TOC INCENTIVES
Being located 0.2 miles from the Metro Blue Line could offer additional incentives if a Travel Oriented Development (TOD) plan is announced for the area. There are plans approved for other nearby unincorporated communities such as Willowbrook and Vermont/Athens to incentivize investment along the Metro rail.