718 N Avalon, Wilmington, CA 90744 - MLS#SB24034728

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Nicole Hazelton

[email protected] +1(619) 206-1892

$2,650,000

Est. payment - /mo

0.68 Acres Lot

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UPDATED:

11/22/2024 03:48 PM

Key Details

Property Type Vacant Land

Sub Type Lots/Land

Listing Status Active

Purchase Type For Sale

MLS Listing ID SB24034728

HOA Y/N No

Lot Size 0.683 Acres

Acres 0.6833

Property Description

An updated development opportunity is now available in the Wilmington neighborhood of Los Angeles, offering an attractive proposition for experienced builders and developers. The lot assemblage totals 29,766 square feet, with potential for 100% Affordable Housing under the current 2023 ED1 emergency declaration, which remains active despite the original vesting expiration. This ongoing declaration provides flexibility in pursuing new plans, with initial architectural designs projecting maximum building area in phased development. Early discussions with City Planners have indicated support for an updated development proposal. The pricing has been revised to reflect the reduced project scope and ownership is open to discussions on seller-financing for the land acquisition, with terms of up to two years. Environmental inspections have been completed, and the reports are available directly from the vendors for a nominal fee. A potential design option allows for phased development across multiple buildings, offering a methodical and strategic path for execution. Located within a designated Opportunity Zone, this site offers potential for considerable tax advantages and development design. For those seeking a well-positioned project in Los Angeles, this is an offering worth close consideration. Buyer to verify all aspects of project site and design.
An updated development opportunity is now available in the Wilmington neighborhood of Los Angeles, offering an attractive proposition for experienced builders and developers. The lot assemblage totals 29,766 square feet, with potential for 100% Affordable Housing under the current 2023 ED1 emergency declaration, which remains active despite the original vesting expiration. This ongoing declaration provides flexibility in pursuing new plans, with initial architectural designs projecting maximum building area in phased development. Early discussions with City Planners have indicated support for an updated development proposal. The pricing has been revised to reflect the reduced project scope and ownership is open to discussions on seller-financing for the land acquisition, with terms of up to two years. Environmental inspections have been completed, and the reports are available directly from the vendors for a nominal fee. A potential design option allows for phased development across multiple buildings, offering a methodical and strategic path for execution. Located within a designated Opportunity Zone, this site offers potential for considerable tax advantages and development design. For those seeking a well-positioned project in Los Angeles, this is an offering worth close consideration. Buyer to verify all aspects of project site and design.

Location

State CA

County Los Angeles

Area Wilmington (90744)

Others

Monthly Total Fees $47

Acceptable Financing Seller May Carry

Listing Terms Seller May Carry

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Listed by Rules Manager • West Shores Realty, Inc.

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Nicole Hazelton

+1(619) 206-1892

Broker Associate | License ID: 01819363

Broker Associate License ID: 01819363

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