1309 S Pacific Avenue,San Pedro,Los Angeles,Land

Property Description

We are proud to present for sale a 31,521 SF Development Opportunity on vacant land with ED-1 Potential. Located in the heart of San Pedro (sandwiched between Rancho Palos Verdes and Long Beach), a new development would rise in old commercial spaces, so no RSO or Ellis to worry about. The property consists of 4 of the 5 lots fronting Pacific Ave. between 13th and 14th Streets and is zoned C2-1XL-CPIO. The property has already been demolished, and assuming a 3.25:1 FAR after Setbacks and Density Bonuses, a buildable floor plate would be approximately 31k SF, totaling about 110k SF of possible development. Building a project with Affordable Units averaging 500 SF, 234+/- units is an achievable goal! The area has lately seen a revitalization that is long in coming. With the highly anticipated West Harbor Project, One San Pedro and ALTA Sea Marine Institute (to name a few), the future of San Pedro is looking bright! This property sits near the beach, near the San Pedro Fish Market, shopping, dining, nightlife and the Ports of Los Angeles and Long Beach! The Sellers also have a LA City Planning Commission Letter of Determination dated May 5, 2020, that calls for a “four-story, 45 foot and five-inch tall residential building comprises of 102 dwelling units (including 12 Very Low Income Units). The Project will be approximately 83,158 square feet in floor area with a Floor Area Ratio (FAR) of 2.65:1.” e Listing includes four APNs: 7454-026-011, 7454-026-012, 7454-026-013, and 7454-026-014.