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listing
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LandPending
$7,235,000
9433 Sepulveda Boulevard
North Hills, CA
Listed by Francis Evanisko DRE#01790747 [email protected] Evanisko Realty & Investment
MLS: California Regional MLS (CRMLS)
98,755Sq Ft
Est. Mortgage
$37,446/mo

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.

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Information courtesy of Evanisko Realty & Investment is subject to verification and is not guaranteed.
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