Development opportunity of a 20,642 SF lot zoned C2-2D-SP in a Tier 4 TOC area located in a Qualified Opportunity Zone just 0.1 miles from the new Leimert Park Metro Station.
Baldwin Hills Crenshaw Plaza Development
Vision Theatre
Leimert Park Station Leimert (2020) Park Plaza
W. VERNON AVENUE 4421-4429 CRENSHAW BOULEVARD, CRENSHAW BOULEVARD LOS ANGELES, CA 90043 Leimert Park Metro Stration Rendering
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2 01 Property Overview
02 Investment Highlights
03 Development Information
04 Area Information
3 Vision Theatre
4421-4429 CRENSHAW BOULEVARD, LOS ANGELES, CA 90043
Marcus & Millichap is pleased to present 4421-4429 Crenshaw Boulevard, in Los Angeles, CA. This unique development opportunity features three parcels totaling 20,642 SF of land in the up and coming Leimert Park neighborhood. The current structures consist of 22,231 SF of mixed-use buildings that include retail and residential units.
This offering presents a developer the opportunity to purchase three contiguous parcels located just 0.1 miles from the new Leimert Park Metro Station that is scheduled to open in 2020. The parcels are zoned C2-2D-SP in a Tier 4 TOC area, allowing a developer to build up to 80% more units by Right. Additionally, the subject property is located within a newly established Qualified Opportunity Zone for investment, established by the Tax Cuts and Jobs Act, Section 1400Z. The new section 1400Z allows any taxpayer to defer paying tax on capital gains from the sale of property if those gains are timely invested in a Qualified Opportunity Fund (QOF) which, in turn, must invest 90 percent of its assets in businesses located or property used in designated.
The Leimert Park neighborhood continues to grow at a rapid pace with several major retail and mixed-use projects underway. 4421 Crenshaw Boulevard is located just down the street from the Baldwin Hills Crenshaw Plaza, an 870,000 SF retail and restaurant center; as well as Marlton Square, a planned 22 acre mixed-use development; and District Square, another mixed-use development totaling 300,000 SF. EXECUTIVE SUMMARY EXECUTIVE
4 Marlton CENTURY CITY Square Baldwin Hills Development Crenshaw Plaza Development
Leimert Park Station (2020)
Leimert Park Plaza
W. VERNON AVENUE
4421-4429 CRENSHAW BOULEVARD, LOS ANGELES, CA 90043
CRENSHAW BOULEVARD 5 PROPERTY OVERVIEW
DTLA OFFERING PRICE: Request for Offer
LAND SIZE (SF): 20,642 SF
LAND SIZE (ACRES): 0.47 Acres
5013-013-005 APN’S: 5013-013-004 5013-013-003 4421-4429 CRENSHAW C2-2D-SP ZONING: BOULEVARD, Tier 4 TOC LOS ANGELES, CA 90043 LAND USE Community Commercial DESIGNATION: NEIGHBORHOOD Park Mesa Heights COUNCIL: CD 8 - Marqueece COUNTIL DISTRICT: Harris-Dawson
BLDG SF: 22,231 SF
Crenshaw Blvd and CROSS STREETS: W. Vernon Avenue
6 4421-4429 Crenshaw Boulevard is a three-parcel development opportunity located in Los Angeles’ Leimert Park neighborhood between Martin Luther King Jr Boulevard and W Slauson Avenue, an up and coming neighborhood with many development projects nearby
EAST LOS ANGELES The subject property features a large lot of 20,642 SF, zoned C2- 2D-SP in a Tier 4 TOC area
Located within a newly established Qualified Opportunity Zone for investment, established by the Tax Cuts and Jobs Act, Section 1400Z. The new section 1400Z allows any taxpayer to defer paying tax on capital gains from the sale of property if those gains are timely invested in a Qualified Opportunity Fund (QOF) which, in turn, must invest 90 percent of its assets in businesses located or property used in designated
W. VERNON AVENUE Located just 0.1 miles from the new Leimert Park Metro Station, part of the Metro Crenshaw/LAX Line that serves the cities of Los Angeles, Inglewood, El Segundo, and Unincorporated LA County; bringing significant environmental benefits, economic development, and employment opportunities to the immediate area
The subject property features a high walk score of 76 with close proximity to transportation options as well as major retail CRENSHAW BOULEVARD developments such as the Balwin Hills Crenshaw Plaza, Marlton Square, and District Square
With over 380,000 people within a three-mile radius, the Leimert Park neighborhood is a highly desirable submarket with residential rents increasing substantially year over year INVESTMENT HIGHLIGHTS INVESTMENT
7 CENTURY CITY
Marlton Square Development BALDWIN HILLS
4421-4429
CRENSHAW Leimert Park Station BOULEVARD, (2020) LOS ANGELES, CA 90043 Leimert Park Plaza
W. VERNON AVENUE
CRENSHAW BOULEVAD
8 MIRACLE MILE
Expo/Crenshaw Station Baldwin Hills Crenshaw Plaza Development
Martin Luther King Jr. Station (2020)
California Jazz & Blues Museum
Vision Theatre
LEIMERT BOULEVARD
9 Metro Expo Line Expo/ Crenshaw Station Rodeo Road Exposition Blvd 2905 W. Exposition Pl (proposed 78 unit Class District Square A condo units) Development (300,000 SF mixed-use development) Crenshaw Blvd Crenshaw
Marlton Square Development (22 ace mixed-use Arlington Ave development) Crenshaw Metro Line (2020) Metro Crenshaw W. Martin Luther King Jr. Blvd
Baldwin Hills Metro Station Baldwin Hills (2020) Crenshaw Plaza Development Leimert Blvd
Leimert Park Plaza Leimert Park Stocker St Metro Station 4421-4429 (2020) W. Vernon Avenue CRENSHAW BOULEVARD, LOS ANGELES, CA 90043
10 CRENSHAW BOULEVAD
11 12 Crenshaw SOUTH High LOS ANGELES School
4421-4429 CRENSHAW BOULEVARD, LOS ANGELES, CA 90043
Leimert W. VERNON AVENUE Park Plaza D R A V E L U O B
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DEVELOPMENT INFORMATION ZIMAS MAP ENTITLEMENT STRATEGIES*
PER SPECIFIC PLAN DENSITY BONUS TOC TIER 4
Max # of Units 55 (all market-rate) 76 (w/16 affordable) 101 (w/16 affordable)
Max Floor Area 61.9 KSF-82.6 KSF 83.6 KSF - 111.5 KSF 96.0 KSF - 119.7KSF
Max Height 60’ 71’ 93’ Min. 50% of code & max. 90% of 0.5 spaces/BR. See max None required. See max Parking code requirements in parking section. requirements in parking section. Open Space Per code 20% reduction 25% reduction
6 months with a public hearing for 8 months with a public hearing for 9 months with no public hearing design review. Director of Planning design review. Director of Planning and Director of Planning as Approx. as decision maker. CEQA will apply. as decision maker. CEQA will apply. decision-maker. Abutting neighbors Entitlement Time CRA may add some entitlement CRA may add some entitlement receive notice and have opportunity time. Appealable to Area Planning time. Appealable to City Planning to appeal to the City Planning Commission Commission Commission.
*Report comes from a third party, buyer to verify all information herein. OPPORTUNITY ZONES: The Opportunity Zones program provides tax incentives to developers who PLAT MAP invest in historically distressed neighborhoods throughout the U.S. There are 8,700 communities that have been designated as Opportunity Zones, and 274 of them are in LA County.
The program allows investors or developers to defer — and possibly forgo — paying capital gains taxes,or taxes resulting from the sale of certain types of assets. Banks and lenders will also be more likely to now invest in these projects and areas because of the incentives. One unique attribute is that the program encourages new construction, providing the biggest tax break to investors who keep their money in these zones for at least 10 years.
15 16 Vision Theatre
AREA OVERVIEW authentic Afro-Caribbean cuisine. and becameknown for itship-hopscene,poetryjamnights and following decades, the 230-acre plotoflandhasgrown more diverse the-art designfeatures andmeticulouslymanicured lots.Overthe Potential homeownerswere attractedbythecommunity'sstate-of- gatherings. Thecascadingfountainhasbeen givenlandmarkstatus Theatre. Itisapopularplaceforliveperformancesandneighborhood the district'scenterpark,adjoinedbyretail shopsandthehistoricVision hidden from view, andtrees linedthestreets. LeimertPlazaParkisat near schoolsandchurches wasminimized,utilitywires were buriedor Leimert Parkwasconsidered amodelofurbanplanning-cartraffic designedforupper- California in Southern andmiddle-class families, business centerproject in1928.Oneofthefirstplannedcommunities brainchild ofdeveloperWalter H.Leimert,whobeganthesubdivision the culturalhubforAfricanAmericansinL.A.LeimertParkwas and historicneighborhoods.Theneighborhoodiswidelyregarded as Leimert Parkhasbeenregarded asoneofLosAngeles’mostvibrant mixed-use complex. vision forasuccessfulredevelopment asamultifamilyapartmentor location onCrenshaw BlvdinLeimertParkenhancesandsupportsthe The convenience,accessibility, andvisibilityofthesubjectproperty’s thoroughfares, westofthe110Freeway andsouthofthe10Freeway. Crenshaw Boulevard isoneof Los Angeles’most heavily trafficked PARKLEIMERT LOCATION
Jefferson Park flanks Leimert Park to the north, the Exposition Park neighborhood and Vermont Square are to the east, Hyde Park to the south and View Park-Windsor Hills and Baldwin Hills/Crenshaw to the west. Leimert Park angles to the West Adams district on the northwest.
Leimert Park is bounded by Exposition Boulevard on the north, South Van Ness Avenue and Arlington Avenue on the east, West Vernon Avenue on the south, and Victoria Avenue and Crenshaw Boulevard on the west
LEIMERT PARK VISION THEATRE
Located at the south end of Leimert Park Village, the Vision Theatre is an Art Deco gem that first opened as the Leimert Theatre in April 1932. The movie palace was designed in the Spanish Colonial style by Morgan, Walls & Clements, the architectural firm responsible for some of L.A.'s most famous and historic venues, including The Mayan, Belasco Theatre, The Wiltern, The Fonda, and El Capitan. Operated by the City of L.A. Department of Cultural Affairs, the landmark theatre recently emerged from a multi-million dollar renovation and continues to provide a performing arts venue for the diverse cultural talent of the Leimert Park and Baldwin Hills communities.
17 Leimert Park Metro Station Rendering
CRENSHAW METRO LINE
The Metro Crenshaw/LAX Line will extend from the existing • Expo/Crenshaw Metro Exposition Line at Crenshaw and Exposition Boulevards. • Martin Luther King Jr. The Line will travel 8.5 miles to the Metro Green Line and will • Leimert Park – Subject Property located 0.1 miles from this serve the cities of Los Angeles, Inglewood and El Segundo; and stop portions of unincorporated Los Angeles County. The new Metro • Hyde Park Rail extension will offer an alternative transportation option to • Fairview Heights congested roadways and provide significant environmental benefits, economic development and employment opportunities • Downtown Inglewood throughout Los Angeles County. Riders will be able to make easy • Westchester/Veterans connections within the entire Metro Rail system, municipal bus • Aviation/Century lines and other regional transportation services. In addition to the alternative transportation option to congested The Crenshaw/LAX Transit Project will serve the Crenshaw roadways, the project will also provide significant environmental District, Inglewood, Westchester and surrounding area with eight benefits, economic development and employment opportunities stations, at: throughout Los Angeles County.
18 Leimert Park Metro Station Rendering
4421 Crenshaw Boulevard features three contiguous parcels located just 0.1 miles from the new Leimert“ Park Metro Station that is scheduled to open in 2020, connecting to LAX and the green line.
Crenshaw Metro Rendering
19 20
PEDESTRIAN & TRANSIT ORIENTED NOTABLE LANDMARKSNEARBY • • • • • • RESTAURANTS NEARBY • • • • • RETAILERS NEARBY and District Square. he subject property features a high walk the Baldwin Hills Crenshaw Plaza, Marlton Square, options as well as major retail developments such as score of76 withcloseproximity totransportation • • • • •
Post &Beam IHop Top Taste Caribbean Ackee Bamboo Church’s Chicken Cuisine Delicious Southern Bath &BodyWorks Wells Fargo Bank Albertsons Macy’s Staples Cinemark Baldwin Hills PullumCommunityArtCenter Fernando World StagePerformance Gallery JazzandBluesMuseum California Leimert ParkPlaza “ T • • • • • • • • •
Americana Buffet &Grill Buffalo WildWings Aki’s VillageInn Mexicano The Kickin’Crab TJ Maxx GameStop Forever 21 Foot Locker DEMOGRAPHICS DISTANCE TO
1 MILE 3 MILES 5 MILES MILES MILES MILES 2019 Population 31,660 380,347 1,213,036 4 11 7 2019 Households 13,244 126,107 409,093 2019 Owner Occ. Housing Units 47.23% 36.16% 28.51% 2019 Renter Occ. Housing Units 52.77% 63.84% 71.49% 2019 Vacant 2.36% 2.76% 2.88%
WALKSCORE
CULVER CITY SANTA MONICA DTLA
Very Walkable 76 Most errands can be accomplished 100 on foot
21 Baldwin Hills Crenshaw Plaza Rendering Line LAX Metro Crenshaw 22
NEARBY DEVELOPMENT DEVELOPMENT BOOM • • • • • • and isbeingdevelopedbyCapriCapitalPartners andwillinclude: Crenshaw Blvd&MartinLutherKingJrBlvd.Thesitetotals43acres An approved $700 million development at the intersection of (0.8 milesfrom the subjectproperty) BALDWIN HILLSCRENSHAW PLAZA to LeimertParkWatts. and shopsare inthepipelineforneighborhoodsfrom West Adams up ofthousandsnewhomes.Newrestaurants, grocery stores, stadium, anditwillbesurrounded byaplannedcommunity made In Inglewood,themostprominent development will beahugeNFL huge $700millionredevelopment. to LeimertPark.TheBaldwinHillsCrenshaw Plazaisundergoing a new Crenshaw/LAX Metro lineisbringingawaveofredevelopment Major developmentprojects are underwayinSouthLosAngeles.The
Parking for 6,829vehicles 330,000 SF ofnewretail shops andrestaurants apartments Multiple structures containing551condominiums and410 space A 10-storyoffice towerwithapproximately 148,000SF of rentable 961 condosandapartments An eight-story, 400-room hotel “ renshaw iszonedC2-2D-SP to buildup80%more unitsbyright. in aTier 4TOC area, allowingadeveloper 4421 C Baldwin Hills Crenshaw Plaza Rendering
MARLTON SQUARE DEVELOPMENT (0.9 miles from the subject property) A site that totals 22-acres and already is home to a new Kaiser Permanente outpatient facility and Buckingham Seniors housing complex, Marlton Square is directly adjacent to the Baldwin Hills Crenshaw Plaza. The proposed development would include a 10.58-acre shopping center.
DISTRICT SQUARE DEVELOPMENT (1.4 miles from the subject property) A mixed-use project at 3670 Crenshaw Blvd that will total 573 residential units. The project will also include grocery, retail, and restaurant options.
3606 W EXPOSITION BOULEVARD (1.7 miles from the subject property) A mixed-use project featuring 492 residential units, a grocery store, Baldwin Hills Crenshaw Plaza Rendering theater, and locally owned restaurants. The location is steps from the Metro Expo Line at Crenshaw Blvd & Exposition Blvd.
2905 W EXPOSITION BOULEVARD (1.9 miles from the subject property) A former industrial property, 2905 W Exposition Blvd will feature 78 residential units in 15 buildings. The buildings will offer a unit mix consisting on two-, three-, and four- bedrooms ranging between 1,220-1,825 SF.
CUMULUS – 3321 S LA CIENEGA BOULEVARD (3.5 miles from the subject property) Cumulus is located in the West Adams neighborhood with close proximity to the Expo Line at the La Cienega/Jefferson station. The project will include 100,000 SF of retail as well as approximately 1,200 residential units.
23 Baldwin Hills Crenshaw Plaza Development
Vision Theatre
Leimert Park Station (2020) Leimert Park Plaza
W. VERNON AVENUE
CRENSHAW BOULEVARD
24