PRESTIGIOUS DEVELOPMENT SITE: UP TO 49 RESIDENTIAL UNITS | PACIFIC PALISADES, CALIFORNIA DOWNTOWN LOS ANGELES CENTURY CITY MARINA DEL REY WESTWOOD 10 VENICE 405 SANTA MONICA BRENTWOOD SANTA MONICA PEIR PACIFIC OCEAN P A C I F I C C O A PACIFIC PALISADES S T H IG H W A Y W S UN S 17030 E T W SUNSET BLVD. B site is located approximately L V 400 feet from the shoreline D 1 conceptual rendering SUNSET CANYONSANTA YNEZ LAKE 17030 SUNSET BOULEVARD www.SunsetCanyon-cbre.com The property has 180º neckline ocean views. TOPANGA MALIBU MALIBU PIER PACIFIC OCEAN 1 PACIFIC PALISADES P A C I F I C C 17030 O A W SUNSET BLVD. S T H IG H W A Y W S UNSE T BLV D site is located approximately 400 feet from the shoreline SHERMAN OAKS The property has current geological approval to build WESTWOOD 49 apartment units 405 BRENTWOOD PACIFIC PALISADES SANTA YNEZ LAKE 17030 W SUNSET BLVD. V D W SUNSE T BL 1 AY H W IG H T S A O C IC IF C A PACIFIC OCEAN P site is located approximately 400 feet from the shoreline conceptual rendering SITE PEPPERDINE UNIVERSITY PACIFIC OCEAN PALISADES SHOPPING VILLAGE RIVIERA COUNTRY CLUB SITE WILL ROGERS BEACH PACIFIC OCEAN EXECUTIVE TABLE OF 01 SUMMARY CONTENTS PROPERTY 02 DESCRIPTION CONCEPTUAL 03 DEVELOPMENT LAURIE LUSTIG-BOWER Lic. 00979360 AREA +1 310 550 2556 OVERVIEW [email protected] 04 KAMRAN PAYDAR Lic. 01242590 MARKET +1 310 550 2529 OVERVIEW [email protected] 05 EXECUTIVE SUMMARY CBRE, Inc. is pleased to present for sale 17030 Sunset Boulevard, a premier development Boasting an irreplaceable Southern California surf- opportunity for up to 49 luxury multifamily residential units located in the upscale and-sun location, the property sits just ±400 feet from Pacific Palisades neighborhood of coastal Los Angeles, California. the Pacific Ocean and is situated with approximately 99 feet of frontage along iconic Sunset Boulevard. The site is located in one of the most desirable residential communities in the Western United States, abounds with stunning natural beauty, and is surrounded by some of the nation’s most appealing demographics with a highly educated population earning average incomes exceeding $200,000 within a 1-mile radius. Pacific Palisades is known as the spot “Where the Mountains Meet the Sea” and internationally popular among tourists; visitors come throughout the year to enjoy the famed Getty Villa Museum, legendary Will Rogers Polo Club and State Park, the beautiful weather, and breathtaking coastline. 17030 W SUNSET BLVD. The Property is offered on an UNPRICED basis. For additional information please visit www.SunsetCanyon-cbre.com In October 2011 a Coastal Development Permit and environmental determination for a 49-unit development were approved by the City of Los Angeles. Due to an administrative filing error that resulted in project approvals not being finalized, the proposed entitlement was appealed then overturned, based in part on an inaccurate coastal zone bluff map. Ownership believes that with the coastal bluff zone map issue now resolved, entitlements can be resubmitted and finalized. OPPORTUNITY HIGHLIGHTS • Irreplaceable coastal Los Angeles property • Local restaurants and shops include: Mastro’s Ocean Club, Il Ristorante Di Giorgio Baldi, Gladstones, Taste at the Palisades, Sam’s by • Exceptional Pacific Palisades location the Beach and Gelsons Market. O Site is located approximately 400 feet from the shore line. Proximate to Santa Monica, Brentwood, O Approximately 99 feet of frontage on • iconic Sunset Boulevard Marina del Rey, Malibu O Breathtaking natural beauty O Famed Pacific Coast Highway • Short drive to Santa Monica O Silicon Beach tech employers • Located near Caruso’s Palisades Village retail O Abundance of restaurants, retailers, hotels center (opening in summer 2018) The new and entertainment venues including Third Pacific Palisades walkable town center will Street Promenade feature a specialty grocer, outdoor dining, O Santa Monica Pier central park space, and a movie theater • Convenient access to West LA and South Bay • Opportunity for value creation through office employment entitlements • Minutes away to Malibu’s coastline • Strong market demand for luxury residential destinations product DEMOGRAPHIC HIGHLIGHTS 1-MILE RADIUS $209,471 $1,000,000 76.5% Average 2017 Average Household have a Bachelor’s degree Household Income Unit Value or higher PROPERTY DESCRIPTION Address 17030 Sunset Boulevard Pacific Palisades, California 90272 Submarket Brentwood-Pacific Palisades Assessor Parcel Number 4415-020-008 Estimated Lot Area 42,539 square feet, 0.98 Acres Current Zoning [Q] R3-1 Ownership Interest Fee Simple Council District Council District 11, Councilmember Mike Bonin Approximately 99 feet of frontage on Sunset Boulevard. Site is located approximately 400 feet from the shore line. HISTORY OF ENTITLEMENTS Background Information • City’s governing land use document for the property, the Brentwood - Pacific Palisades Community Plan, accounts for full development of property. • Property is of sufficient size and dimensions as to allow a design that will not require any special zoning requests from City; only a California State Coastal Development Permit is needed. • Owners below property, the Malibu Village Mobilehome Owners Association supported development of the property. • Soil has been extensively tested, studied, and reviewed by City Building Department and found suitable for construction. • Soil and engineering studies on property find that a construction project enhances ground stability. 2.14.11 1.16.13 3.16.13 8.11.13 4.11.14 City issued Appeal hearing conducted Re-Hearing by Developer granted postponement of Coastal Commission sustains environmental but vote deadlocked twice Commission with vote to Coastal Commission hearing pending appeal but with no determination determination (MND) (no action on appeal) grant appeal determining of Coastal bluff location of Coastal bluff location 10.20.11 1.18.13 7.21.13 10.30.13 Coastal Development Permit City Attorney opinion that Developer files Appeal of CDP filed, (CDP) and environmental project should be returned to appeal with Coastal hearing continued five determination approved by City Commission for another hearing Commission times CONCEPTUAL DEVELOPMENT The Canyon Trail The design can be described as a mass that ruptures in reaction to urban, climate, views and environmental considerations. This rupture simultaneously activates public programs and creates a circulation path. The canyon trail behaves as a fluid and continuous circulation path that stimulates perception through light, material, nature and differentiated spaces that expand and contract according to their use. Public spaces are organized sequentially through it, starting with the foyer, moving through the walking trail and “rice fields”, and culminating in the “water creek”. Along the way look-out points and rest areas offer views of the Pacific Ocean and the Santa Monica Mountains. The canyon trail increases the energy efficiency of the proposal by allowing higher sun exposure and natural ventilation which in turn reduce the use of fossil fuel energy sources for heating and cooling. Proposed Building Mass Fragmented volumes relate to the existing neighborhood scale Profile Of Conceptual Development Conceptual Development PROJECT DATA Development of a multi-unit apartment building Address: 17030 Sunset Blvd Los Angeles, CA 90272 Site area: 42,500 SF Building foot print: 50% Greenscape: 50% Number of units: 49 Less than 75% of what is allowable as per building code Unit Configurations UNIT TYPE A UNIT TYPE B UNIT TYPE C Concept Diagrams PROPOSED GREENSPACE SUNSET CANYON TRAIL ROOFTOP GARDEN Fragmented volume creates Acts as a pedestrian circulation path Increases greenscape, collects a balanced ratio between as well as storm water run off collector energy through PV cells and greenscape and built area (used for greenscape irrigation) reduces solar heat gain Concept Diagrams NATURAL VENTILATION BRISE SOLEIL INCREASED NATURAL DAYLIGHT Reduces reliance on fossil fuels Overhangs shade the South facing Separated building masses increase and provides an energy source of glass from direct sun exposure the number of facades that receive heating and cooling therefore reducing heat gain natural daylight and therefore decrease energy use Concept Diagrams OCEAN VIEWS ENVIRONMENTAL DESIGN NO VARIANCES Separate building masses Geothermal cooling/ With this configuration the project create ocean view corridors heating radiant slab requires no variances and is targeted at LEED silver Light Analysis Apartments with high light exposure 24 Apartments with medium light exposure 12 Apartments with low light exposure 13 AREA OVERVIEW Pacific Palisades Pacific Palisades is a coastal neighborhood and district within the City of Los Angeles, located among Brentwood to the east, Malibu to the west, Santa Monica to the southeast, and the Santa Monica Mountains to the north. Pacific Palisades is tucked in the slope of the Santa Monica Mountains and is home to approximately 23,245 residents. Pacific Palisades is an extremely affluent and primarily residential community with a large mixture of large private homes where the average household income exceeding $200,000. The Pacific Palisades is known as the place “Where the Mountains Meet the Sea” and is home to many Hollywood celebrities and high-profile industry people. Several TV shows and movies have also been filmed in Pacific Palisades over the years including Baywatch and most recently, Project X. PROXIMITY TO 17030 SUNSET, PACIFIC PALISADES MALIBU: 15 minutes BEVERLY HILLS: 30 minutes SANTA MONICA: 10 minutes SHERMAN OAKS: 40 minutes BRENTWOOD: 18 minutes DOWNTOWN LOS ANGELES: MARINA DEL REY: 24 minutes 40 minutes Pacific Palisades benefits from a very educated population where more than 75 percent has a Bachelor’s Degree and higher. The City is broken down into specific areas such as The Alphabet Streets also known as “North Village”, are north of Sunset Blvd. and are characterized by narrow streets. The south section of Pacific Palisades includes The Riviera Country Club and Huntington Palisades which are affluent suburbs.