18 Oct 2018
Los Angeles, CA – Matthews Real Estate Investment Services™, one of the nation’s fastest-growing commercial real estate companies, has been exclusively engaged to market a nearly three-acre transit-oriented development opportunity in Los Angeles, CA. The development is located on the Westside of Los Angeles off of Robertson Blvd and north of the 10 Freeway, bordered by the historic area of Cheviot Hills and the booming tech scene of Culver City. Spearheading the sale of this development are David Harrington, EVP & National Director of Multifamily, Daniel Withers, VP & Senior Director of Multifamily, and John Boyett, a Multifamily associate for Matthews™.
The city of Los Angeles is in the midst of adopting the Exposition Corridor Transit Neighborhood Plan (ECTNP), which encourages direct growth by accommodating new residential, mixed-use, commercial, and industrial development near transit stations. The development, located just block away from the city’s Expo Line, which runs between Downtown LA and Santa Monica, gives residents easy access in both directions. This implementation of the ECTNP signals the city’s desire to fundamentally transition the area to create a walkable neighborhood that encourages the use of transit ridership.
“Assembling land in such a dense and well-located area with proximity to mass transit is a rare opportunity for a developer,” said Harrington.
The new zoning designation will move from RD2-1 to Mixed-Use: Commercial/Residential MU(EC), allowing neighborhood and community commercial and institutional uses, either alone or in combination with multifamily residential. The zone activates commercial corridors with a variety of uses that serve the local community while also providing housing.
“This is a very unique offering for a developer due to the City of Los Angeles conforming to the needs of the local community by implementing a specific plan that promotes high-density developments,” said Withers.
The upscale Westside neighborhood of Cheviot Hills is said to be an oasis away from the West L.A. traffic and noise. The development is located in proximity to Sony and 20th Century Fox Studios and a popular destination for affluent commute-averse residents. Known as a vibrant cultural center, Culver City sits only a couple miles from LAX and the ocean in Marina Del Ray. Amazon has plans to expand its local footprint in Culver City with its new production company, Amazon Studios, into the regional destination for business and residents alike.
For development requirements or more information regarding this opportunity, please reach out to Dave Harrington, Daniel Withers or John Boyett.
MATTHEWS REAL ESTATE INVESTMENT SERVICES™ is recognized as an industry leader in Shopping Centers, STNL, Multifamily, Management, Portfolio Disposition and 1031 Exchange programs. The firm is headquartered in El Segundo, CA and serves clients throughout the United States and Canada. For more information, please visit www.matthews.com