Located equidistant between Downtown Los Angeles and Echo Park, The Douglas RTI Small Lot Project represents a well positioned opportunity to deliver five single family homes at a burgeoning urban setting where there exists little to zero for-sale housing product available. Attainable fee simple homes have become an anomaly in the City of Los Angeles, and we believe this project possesses the components needed to deliver this highly coveted form of housing.
The immediate location has undergone significant gentrification over the past six years with the infusion of thousands of new apartment units across about ten newly constructed rate developments. Each of these projects have served change the market landscape considerably in this City West neighborhood of Los Angeles.
The Seller has made substantial investments to navigate the project to its currently fully entitled and permit-ready stage. Unique complexities associated with this project specifically are rather uncommon for smaller projects rendering The Douglas even more special as a builder opportunity. One key aspect is the existence of an adjacent 20’ alley running the depth of the property. The alley will be improved and utilized as a driveway for each of the five homes and will provide comfortable spacing between the homes and an adjacent apartment building.
Navigating the permitting project for The Douglas came at a considerable expense of both time and money due in part to the documentation of two potential oil well heads on the subject site. Coordination with the applicable governing agency (Department of Conservation DOGGR) was required in order to establish an acceptable methodology of disproving their existence (to an acceptable level of certainty to DOGGR) on the subject parcel (this is somewhat common due to the frequent inaccuracy of old well-locating surveys).
Currently, all LADBS clearances are complete, and the plans are stamped RTI on each of the five house permits. Additionally, the final tract map has been recorded and the park fees have been paid making the project a “true RTI opportunity”. The RTI plans call for five similarly configured three story fee-simple homes + roof decks (homes range between 1,190 and 1,475 SF – per zoning code calc.) and two-car garages.