• 98,755 sq.ft. lot
offered at $7,235,000
Status: Pending // Property Type:
County: Los Angeles

Property Description

Situated within a residentially dominated segment of North Sepulveda Blvd., the Valley Villas development opportunity will offer an extremely rare opportunity to acquire a site entitled for 100% market rate townhome condominiums in the North Hills neighborhood of the City of Los Angeles just a few blocks south of Mission Hills. The site has undergone a rigorous entitlement process extending nearly six years to reach a final state of entitlement which includes an approved general plan amendment, zone change, vesting tentative tract map, building line removal, and site plan review. Most recently, a modification to VTT and CPC cases was processed and approved to allow for project phasing (unit map) of what was initially a 75-unit entitled project into a 58-unit entitled project (phase) and a 17-unit entitled project (phase). ONLY THE 58 UNIT PHASE IS BEING OFFERED FOR SALE AT THIS TIME. The recent modification to the entitlements was exacted to allow for the phased recordation of the tentative map and effectuation of zone change conditions to enable the project to be built/sold/etc. in two separate phases as separate projects. Each phase is owned by a separate landowner. The modification required technical changes to the site plan, tentative map, conditions, etc. such that each phase meets guest parking, open space, and other technical requirements. The entitled land affords the perfect opportunity to deliver attainable housing at a location that will see little to zero new housing stock due to legislative changes which have eliminated the economic viability of zone changes previously required to entitle the swaths of agriculturally zoned real estate dominating the northerly San Fernando Valley submarkets. The Valley Villas represents perhaps the last vestige of the North San Fernando Valley’s pre JJJ/Pre-Linkage Fee entitlement environment. Both build-and-sell, and build-to-rent strategies are worthy of consideration for this project. Please contact Frank Evanisko for additional information regarding your interest in acquiring this development opportunity.

Listing Courtesy of Francis Evanisko, Evanisko Realty & Investment

Exterior Features

Exterior Features: Street Lights, Urban, Valley
  • raj qsar
    CEO | Owner |
    CalBRE# 01744847
    • cell 714.412.5019
    • office 949.612.2535
    email Raj

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Based on information from California Regional Multiple Listing Service, Inc. as of January 4, 2022. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.