capital markets | investment properties 2919 wilshire … · a monica santa monica pier wilshire...

2919 Wilshire Blvd | Santa Monica, CA 90403SANTA MONICA DEVELOPMENT OPPORTUNITY

CAPITAL MARKETS | INVESTMENT PROPERTIES

Capital Markets | Investment Properties

Investment OverviewProperty SummaryLease ComparablesSale ComparablesSite Plan

Area OverviewCity OverviewDemographicsZoning Overview

TABLE OF CONTENTS

EXCLUSIVELY LISTED BY:

ALEX KOZAKOV First Vice President+1 213 613 3031Lic. [email protected]

PATRICK WADE First Vice President+1 213 613 3071Lic. [email protected]

ADDRESS: 2919 Wilshire Blvd Santa Monica, CA 90403

PRICE: Open Bid - Request for Offers

EXISTING GLA: 5,273 SF

LAND AREA: 22,147 SF

YEAR BUILT: 1965

APN: 4266-009-019 (5,980 SF) & -020 (16,167 SF)

ZONING: C6: Mixed Use Blvd.

PARKING: 27 Existing

TRAFFIC COUNTS: 45,879 (Wilshire Blvd)

• Irreplaceable Santa Monica real estate on Wilshire Blvd – over ½ an acre

• Ideal redevelopment opportunity: short-term lease with C6: Mixed-Use Blvd. zoning

• Strong frontage (over 170’) along Wilshire Blvd (over 45k

vehicles/day) and Stanford St (over 130’ frontage)

• Existing 5,273sf building with 27 parking stalls • Driveway access from both Stanford St. & Wilshire Blvd.

• Walking distance to numerous national retailers, office buildings, Brentwood Country Club, top-rated restau-rants, and mixed-use projects

• Excellent demographics: over 480,000 people with aver-

age HH income exceeding $109,000 in 5-mile radius

Investment Overview | 2919 Wilshire Blvd

Property Highlights

2919 WILSHIRE BLVD | SANTA MONICA PAGE: 5

CBRE is pleased to offer for sale 2919 Wilshire Boulevard - a rare value-add retail opportunity on the Wilshire Boulevard cor-ridor in Santa Monica. This irreplaceable location consists of an existing retail store with 5,273 SF of gross leasable area on a short-term lease, situated on 2 parcels totaling over ½ an acre of land. There are 27 existing parking spaces on the property. The land provides tremendous frontage on both Wilshire Boulevard (over 170 feet) and Stanford Street (over 130 feet). The prime location would be suitable for a wide range of uses, including residential, mixed use, retail and general commercial. The 2 parcels are zoned C6: Mixed-Use Boulevard, which allows for a wide range of redevelopment opportunities. Situated on the northwest corner of Wilshire Blvd., and Stanford Street, the property is in close proximity to numerous major retailers, office buildings, hospitals, financial institutions, and mixed-use apartment complexes. The site also enjoys some of Southern Cali-fornia’s best demographics, with over 480,000 people with an average household income exceeding $109,000 in a 5-mile radius.

Investment Overview

PAGE 6

SITEWILSHIRE BLVD

PACIFIC OCEAN

STAN

FORD

ST

SANTA MONICA BRENTWOOD BRENTWOOD COUNTRY CLUB

AMBASSADORPASSPORT AND VISA

5-Mile Radius Demographic Summary

Population: 483,661Average Household Income: $109,035


Address City GLA SF Rent/SF/Month Type Bldg SF Trans. Date Bldg Class

1401 Ocean Ave #204 SMB Santa Monica 2,225 $6.25 NNN 47,999 4/1/14 Retail: Store Front

San Vicente Place Shopping Center2530-2538 San Vicente Blvd Santa Monica 1,500 $8.00 NNN 6,074 9/1/13 Retail: Strip

3105 Wilshire Blvd Santa Monica 29,637 $6.00 NNN 43,196 8/1/13 Retail: Free - Standing

Third Street Promenade1322 3rd Street Promenade Santa Monica 6,381 $15.95 NNN 29,081 5/13/13 Retail: Store Front

212 26th St Santa Monica 1,100 $8.00 NNN 5,200 5/1/13 Retail: Store Front

Third Street Promenade1248 3rd St Santa Monica 7,250 $12.50 NNN 7,250 4/1/13 Retail: Free - Standing

1512 Montana Ave Santa Monica 1,411 $5.75 NNN 10,307 1/1/13 Retail: Store Front

Santa Monica Place395-315 Santa Monica Pl #GRND Santa Monica 7,500 $5.00 NNN 471,171 12/01/12 Retail: Store Front

1551 Ocean Ave #GRND Santa Monica 7,000 $6.15 NNN 16,940 11/01/12 Retail: Store Front

1541 Ocean Ave #GRND Santa Monica 10,000 $5.00 NNN 30,969 11/01/12 Retail: Store Front

Third Street Promenade213 Arizona Ave Santa Monica 1,800 $7.00 NNN 10,860 9/1/12 Retail: Store Front

1426 Montana Ave Santa Monica 1,517 $5.60 NNN 14,216 5/1/12 Retail: Store Front

2301 Wilshire Blvd Santa Monica 2,200 $8.00 NNN 2,200 9/1/15 Retail: Store Front

AVERAGE 6,116 $7.63*

Lease Comparables

*Average Rent: $7.63/SF/Month= $91.57/sf/year


LAND SALES (DEVELOPMENT) Address City Sale Price Land Sq Ft Land $/Sq Ft Sale Date Notes

Wilshire & Barrington 11666 Wilshire Blvd. Los Angeles $7,500,000 20,969 $357.67 8/15/14 Planned Mixed-Use Development

UC Regents 1601 Wilshire Blvd. Santa Monica $6,870,000 15,000 $458.00 3/19/13 Planned Medical Development

Former Automotive 1124 Santa Monica Blvd. Santa Monica $6,250,000 17,500 $357.14 7/3/14 Planned Mixed-Use Development

Former Unical Gas Station 14th & Santa Monica Santa Monica $7,000,000 22,500 $311.11 6/4/13 Planned Automotive Dealership Development

Former Carwash 2300 Wilshire Blvd. Santa Monica $23,527,351 40,615 $579.28 8/19/15 Entitled for 60k SF, 3-story Development

Santa Monica & Purdue 11407 Santa Monica Blvd. Los Angeles $5,200,000 15,245 $341.10 8/19/14 Planned Mixed-Use Development

AVERAGE $9,391,225 21,972 $400.72

Sales Comparables

PAGE 10

2919 Wilshire Santa Monica, CA04-30-2015

4

VIEW 4

Retail Concept Renderings

PAGE 12

WILSHIRE BLVD.

(221')

(218.5')

(217.5')214.5'

(224')

(221.8')

2245 sf 2245 sf2520 sf 2970 sf

(218.5')

(221')

5%

30'-4

1/4"

11'-1 3/4"

11'-2

3/8

"

(210.9')

7%

7%

4 STANDARD5 COMPACT

(218.4')

21'-0"

EX

T.LO

AD

ING

STA

NFO

RD

ST.

20%

TRA

SH

RM

.

9'-6"

13'-6

"

10'-0"

20'-0

"

(218.4')(216.3')

(218.5')

VALET DROP OFF

QSR QSRRESTAURANT BANK

(219.5')

DN

UP

80'-0

"

68'-0

"

33'-0" 18'-0" 33'-0"31'-6"

24'-0

"

40'-6"

1225 sfQSR

6'-0"8'-0"

BR

EE

ZEW

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OU

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OR

SE

ATI

NG

RE

ST.

420

s.f.

SHADED OUTDOOR SEATING

13'-0

"

DN

412 s.f. 412 s.f.226 s.f. 2919 WILSHIRESANTA MONICA, CA03-31-2015

116"=1'-0"

N

NORTHPLAN

1ST FLOOR PLAN

FLOOR AREA

RESTAURANT

QSR

BANK

TOTAL AREA

KITCHEN

SERVICE

838 s.f.

1482 s.f.

4,490 s.f.

2, 970 s.f.

11,205 s.f.

BAR 200 s.f.

PARKING ANALYSIS

REST.

QSR

BANK

TOTAL STALLS REQUIRED

KITCHEN

SERVICE

838 / 300

1,482 / 75

5,715 / 75

2,970 / 300

BAR 200 / 50

2.8

19.8

76.2

9.9

113

4

(2) x 2,245 s.f.

TOT. 2,520 s.f.

QSR 1,225 s.f.

PARKING PROVIDED

L -1

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5 9

138

L 0

L -2

STAND. COMP.

4

25 6439

20 6545

5087

224'

(208.3')

7%

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5 STANDARD

10 COMPACT10 STANDARD

(208.3')

(208.3')(198.1')

(208.3')

209'-8 3/8"

101'-7 11/16"

3 COMPACT

24'-0

"

24'-0

"

6 COMPACT

6 COMPACT

24'-0"

5%

UPDN

5 STANDARD

3 STANDARD

2 STANDARD

(208.3')

DN

UP

2919 WILSHIRESANTA MONICA, CA03-27-2015

116"=1'-0"

N

NORTHPLAN

SUBTERRANEAN FLOOR 1 PLAN

Renderings and Survey

5%

(198.1')

24'-0

"

5 STANDARD

5 STANDARD

5 COMPACT14 STANDARD

24'-0

"

24'-0"

14 STANDARD (198.1')3 COMPACT

6 COMPACT

6 COMPACT

(198')

(198')(189.5')

(208.3')UP

3 STANDARD

4 STANDARD

UP

2919 WILSHIRESANTA MONICA, CA03-27-2015

116"=1'-0"

N

NORTHPLAN

SUBTERRANEAN FLOOR 2 PLAN

Survey

Retail Rendering

Underground Parking

PAGE 13

Concept Renderings: Mixed-Use

PAGE 15

Demographics

PAGE 16

ONE-MILE RADIUS THREE-MILE RADIUS FIVE-MILE RADIUS

POPU

LATI

ON

2015 ESTIMATED POPULATION 39,907 256,046 483,661

2020 PROJECTED POPULATION 41,467 266,157 502,029

2010 CENSUS POPULATION 38,604 247,105 467,767

2000 CENSUS POPULATION 37,103 234,878 449,647

GROWTH 2010-2015 3.38% 3.62% 3.40%

GROWTH 2015-2020 3.91% 3.95% 3.80%

2015 ESTIMATED MEDIAN AGE 39.23 37.73 38.98

2015 ESTIMATED AVERAGE AGE 41.54 40.34 40.87

HO

US

EHO

LDS

2015 ESTIMATED HOUSEHOLDS 20,092 119,794 225,314

2020 PROJECTED HOUSEHOLDS 20,948 124,812 234,303

2010 CENSUS HOUSEHOLDS 19,364 115,515 217,660

2000 CENSUS HOUSEHOLDS 19,219 112,088 211,687

GROWTH 2010-2015 3.76% 3.70% 3.52%

GROWTH 2015-2020 4.26% 4.19% 3.99%

2015 EST. AVERAGE HOUSEHOLD SIZE 1.96 2.01 2.07

INC

OM

E

2015 EST. MEDIAN HOUSEHOLD INCOME $73,493 $70,210 $70,665

2020 PRJ. MEDIAN HOUSEHOLD INCOME $75,294 $71,807 $72,250

2000 CEN. MEDIAN HOUSEHOLD INCOME $53,664 $53,276 $53,246

2015 EST. AVERAGE HOUSEHOLD INCOME $102,800 $107,042 $109,035

2015 ESTIMATED PER CAPITA INCOME $51,757 $50,081 $50,794

RA

CE

& O

RIG

IN

WHITE POPULATION 29,094 (72.90%) 180,415 (70.46%) 337,903 (69.86%)

BLACK POPULATION 1,150 (2.88%) 7,964 (3.11%) 17,966 (3.71%)

ASIAN POPULATION 5,033 (12.61%) 40,618 (15.86%) 68,815 (14.23%)

PACIFIC ISLANDER POPULATION 43 (0.11%) 330 (0.13%) 785 (0.16%)

AMERICAN INDIAN AND ALASKA NATIVE 114 (0.29%) 897 (0.35%) 2,048 (0.42%)

OTHER RACE POPULATION 2,269 (5.69%) 11,993 (4.68%) 30,773 (6.36%)

TWO OR MORE RACES POPULATION 2,204 (5.52%) 13,830 (5.40%) 25,373 (5.25%)

LocationThe Wilshire Boulevard corridor stretches from Centinela Avenue on the eastern edge of the City to Lincoln Boulevard, where it becomes part of the Downtown District.

2919 Wilshire Santa Monica, CA04-30-2015

2

VIEW 2

Concept Rendering

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BRENTWOOD10 FW

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VA Greater Los Angeles Healthcare Center

University High School

UCLA

Santa MonicaWater Treatment

PAGE 20

Area Overview

Santa Monica, California is a beachfront city in western Los Angeles County. The city is named after the Christian saint, Monica. Situated on Santa Monica Bay, the city is bordered on three sides by the city of Los Angeles -- Pacific Palisades on the north, Brentwood on the northeast, West Los Angeles and Mar Vista on the east and Venice on the southeast.

Partly because of its agreeable climate, Santa Monica had become a famed resort town by the early 20th century. The city has experienced a boom since the late 1980s through the revitalization of its downtown core and significant job growth and increased tourism. The Santa Monica Looff Hippodrome (carousel) is a National Historic Landmark. It sits on the Santa Monica Pier, which was built in 1909. The La Monica Ballroom on the pier was once the largest ballroom in the US and the source for many New Year’s Eve national network broadcasts. The Santa Monica Civic Auditorium was an important music venue for several decades and hosted the Academy Awards in the 1960s. McCabe’s Guitar Shop is still a leading acoustic performance space as well as retail outlet.

The city of Santa Monica Economic Development team is committed to promoting a sustainable and vibrant economy in Santa Monica. We foster partnerships to support businesses and community goals. We work to optimize the use of city-owned properties, in accordance with council guidelines. Our staff delivers programs and services to support local businesses, the city’s business improvement districts, Santa Monica Farmers Markets, and other efforts that help to enhance the quality of life in Santa Monica.

Santa Monica, CA

Santa Monica is home to many Hollywood celebrities and executives and is a mixture of affluent single-family neighborhoods, renters, surfers, professionals and students.


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City of Santa MonicaLand Use Designations

Disclaimer:This map of the City of Santa Monica has been provided for illustration purposes only. Every reasonable effort has been made to ensure the accuracy of the maps provided, however, some information may not be accurate. The City of Santa Monica ("City") provides this map on an "AS IS" basis. The City assumes no liability for damages arising from errors or omissions. THE MAPS ARE PROVIDED WITHOUT WARRANTY OF ANY KIND, either expressed or implied, including but not limited to, the implied warranties of merchantability and fitness for a particular purpose. Do not make any business decisions based on this map before validating your decision with the appropriate City office.

0 0.950.475

Miles P a c i f i c O c e a n

Land UseSingle Family HousingLow Density HousingMedium Density HousingHigh Density HousingMixed Use Boulevard LowMixed Use BoulevardGeneral CommercialNeighborhood CommercialBergamot Transit VillageMixed Use CreativeDowntown CoreIndustrial ConservationOffice CampusOceanfront DistrictHealth Care Mixed UseInstitutional/Public LandsParks and Open SpaceLUCE Districts

Bergamot Area PlanPPC (Pedestrian-Priority Corridor Overlay)RP (Ground Floor Retail Priority Overlay)BTV (Bergamot Transit Village)MUC (Mixed Use Creative)CCS (Conservation: Creative Sector)CAC (Conservation: Art Center)Expo Light Rail Line

Effective July 24, 2015

AIRPORT

The LUCE Land Use Designation Map illustrates the citywide distribution of land use designations. The other maps provided throughout the LUCE showing land use designations are primarily provided for orientation purposes. Where conflicts between maps exist, the citywide Land Use Designation Map shall govern.

ZONING OVERVIEW

Wilshire Blvd

VisionWilshire Boulevard is Southern California’s grand street, connecting Downtown Santa Monica to Downtown Los Angeles.

The installation of a gateway feature on Wilshire Boulevard at the border of Santa Monica creates a distinct and elegant entryway into the City. Wilshire Boulevard is envisioned as a vibrant complete street with a continuous land-scaped center median, enhanced pedestrian sidewalks and crosswalks and efficient transit services coordinated with improved vehicle circulation. The boule-vard transitions over time from a vehicle-dominated, regional-serving commercial street to a transit/pedestrian priority boulevard lined with a mix of local-serving retail and residential uses. The ground floor includes retail and services catering to adjacent residential neighborhoods with attractive display windows along the length of the street. The upper levels will be devoted predominantly to a variety of affordable and market-rate housing types, stepped back from the face of the ground level stores to facilitate sun access to the sidewalk, provide privacy to the residential units and contribute to a sense of openness along the street. Trees, seating, comfortable sidewalks, safe and accessible crosswalks, and interesting shops and display windows will create a world-class pedestrian street environ-ment.

New transit shelters and state-of-the-art electronic information kiosks add to the streetscape while making the Big Blue Bus and Metro transit more convenient, inviting and pleasant to use. Enhanced pedestrian circulation in the adjacent neighborhoods and leading to Wilshire will facilitate access to boulevard shops, services, and the transit system. The transit system becomes more efficient and timely through the use of sophisticated signal timing, and if deemed necessary, through the use of dedicated travel lanes to further facilitate the transit service.

In cooperation with property owners, the City may over time create new shared parking facilities to provide parking consistent with the enhanced transit en-vironment, reduce vehicular traffic circulation, provide parking for adjacent under-parked neighborhoods and mitigate the intrusion of shoppers who seek parking in residential neighborhoods. The boulevard’s character is enhanced with community benefits in the form of gathering areas, open space, enhanced landscaping and affordable and workforce housing. These community ameni-ties contribute to the creation of a true sense of place, complete neighborhoods and a vibrant 17 hours per day/7 days per week boulevard scene.

The Mixed-Use Boulevard designation provides the framework for Wilshire Boulevard to transition over time from a predominantly regional-serving commer-cial street to a mixed-use street with retail to service a diversity of residential uses along the boulevard, as well as adjacent residential neighborhoods.

Current Conditions, Trends and IssuesWilshire Boulevard is the primary gateway into Santa Monica. It enters the City with the character and traffic volume of a regional automobile arterial. The street width and lack of continuous urban form contribute to the domi-nance of the vehicle. The lack of sidewalk amenities and compelling stores and display windows combine with the predominantly auto-oriented office and regional retail uses to limit pedestrian activity to business hours.

Residential uses on the boulevard are limited. Small parcel size hinders the ability to provide adequate parking and results in multiple vehicle entrances on Wilshire Boulevard. The boulevard is a key regional transit corridor, served by Big Blue Bus, Metro Rapid and the potential future “Subway to the Sea,” but it currently lacks adequate transit support facilities.

Strategic ApproachWilshire Boulevard’s Mixed-Use Boulevard designation is designed to encour-age mixed-use development providing ground floor local-serving retail and predominantly residential uses on the upper levels. New buildings should include varied heights, and architectural elements and shapes to create visual interest.

Projects that provide community benefits that enhance the boulevard, such as shared parking, plazas, added green space or other neighborhood amenities, are given the opportunity to increase their development potential. Where lim-ited parcel size impedes the redevelopment of a property, policies encourage joint-venture partnerships to facilitate shared parking.

ZONING OVERVIEW*

*Source:www.smgov.net/departments/PCD

LocationMid-City is geographically defined by Washington Avenue to the north, Centinela Avenue to the east, Colorado Avenue (adjacent to the industrial areas) and Santa Monica Boulevard to the south and 5th Street to the west. The area to the east of this neighborhood connects central Santa Monica to the West Los Angeles area, while the area to the west is a dense urban area characterized by its wide variety of architectural styles.

Neighborhood CharacterThe Mid-City neighborhood is composed of two sub-areas: Mid-City East—an area defined by Wilshire Boulevard to the north, Centine-la Avenue to the east, Colorado Boulevard to the south and 25th Street to the west (including two small residential blocks of Berkeley and Franklin Streets)—and Central City which occupies land in the core of Santa Monica.

The residential component of the Mid-City neighborhood is made up of a large number of well maintained mid-20th century apart-ments. More recent 21st century contemporary Californian Span-ish-Mediterranean and modern design styles are also woven into the architectural fabric. A number of single family homes remain as well—there are California bungalows and duplexes sprinkled throughout the area.

Mid-City is intersected by three major boulevards (Broadway, Santa Monica Boulevard and Wilshire Boulevard), and has an array of neighborhood- and regional-serving businesses and amenities with-in a short walk of most homes. The commercial services not only provide the neighborhood with products and services, but they also offer an assortment of employment opportunities for area residents.A significant feature of Mid-City is Santa Monica’s medical indus-try, which is anchored by Santa Monica-UCLA Medical Center and Saint John’s Health Center. These large complexes draw thousands of workers and patients to their locations every day.

ZONING OVERVIEWMid-City

Mid- City Neighborhood VisionThe Mid-City neighborhood continues to offer a range of housing types for a wide range of income levels. New or rehabilitated development is sensitive to the scale and mass of existing adjacent structures and with the surrounding neighborhood context. Com-mercial development on the boulevards transitions in height and intensity so as not to disrupt the residential character of the neigh-borhood. Residential neighborhoods adjacent to proposed districts benefit from additional conservation measures designed to protect the neighborhood quality of life. Mature trees and other forms of landscaping are preserved, and improvements to street lighting, sidewalks, parkways and other features enhance livability. Parking demand management programs are initiated to provide residents and businesses alike with sufficient resources.

Vision Areas designated as Mixed-Use Boulevard transform from underutilized and auto-oriented sections of the boulevards into vibrant, diverse and attractive pedestrian-friendly boulevards that support local-serving retail, spaces and a diversity of housing types. Mixed-use boulevards provide an environment to encourage affordable and workforce housing, step down in height and mass to adjacent residential neighborhoods, and accommodate a variety of local-serving uses.

Land Use Parameters The Mixed-Use Boulevard designation is applied to areas of boulevards that envisioned to transition from general commercial into higher-intensity mixed-use areas. Development should maximize human-scale elements and community benefits while providing a sensitive transition between these uses and surrounding neighborhoods.

At the ground floor, uses include local-serving retail uses, ground floor green open spaces such as small parks and plazas, ser-vice-oriented commercial uses with some small-scale office uses to serve local tenants. Above the first floor, affordable, workforce and market-rate housing is the predominant use. Exceptions are the south side of Wilshire Boulevard between Centinela Avenue and Stanford Street and within the Healthcare Mixed-Use District, where local-serving office and medical-related office is allowed. Existing automobile dealers shall be allowed to expand using the urban auto dealership format described in the Strategic Approach for 20th Street to Lincoln Bou-levard on Santa Monica Boulevard (Chapter 2.4 Boulevards), and in a manner that is compatible with the surrounding neighborhood. Auto dealers that do not expand are encouraged to upgrade their

dealerships into the urban auto dealership format, which contrib-utes to Santa Monica’s urban form with multi-story buildings built to the street and parking in structures at the rear or underground. For purposes of calculating FAR, below grade auto dealer facilities shall be excluded and rooftop parking/automobile storage shall be discounted by 50%. Auto dealerships may be authorized on the east side of Lincoln Boulevard between I-10 and Santa Monica Boulevard, if approved pursuant to a discretionary process.

Development ParametersHeight and Floor Area Ratio (FAR) with associated setback and step back standards for the Mixed-Use Boulevard designation are as follows:

100% Residential above the ground floorTIER 1 - BASE HEIGHT• The base height in the Mixed-Use Boulevard District is 32 feet

(2 stories) with a 1.5 FAR. A project will receive a 7-foot height bonus above the 32-foot base height, allowing for an additional floor of housing, by building the required affordable housing units in accordance with the percentage requirements specified in the City’s Affordable Housing Production Program for the proj-ect as a whole (see Figures 6 and 7). A Tier 1 project is minis-terial up to the discretionary review threshold established by the Zoning Ordinance.

TIER 2 - ABOVE BASE - WITH COMMUNITY BENEFITS• Subject to a discretionary review process, projects that provide

community benefits may request a height up to 50 feet and 2.25 FAR. (see Figure 8)

Mixed- Use Boulevard

ZONING OVERVIEW

TIER 3 - ABOVE BASE - WITH ADDITIONAL COMMUNITY BENEFITS• Subject to a discretionary review process, projects that provide

additional community benefits, may request a height of 55 feet and 2.75 FAR if the project is located in an area designated Mixed-Use Boulevard on Lincoln Boulevard, south of Wilshire Bouelvard; on Wilshire Boulevard west of Lincoln; or within the area bounded by Colorado Avenue, Olympic Boulevard, 20th Street, and Cloverfield Boulevard. 100% Affordable Housing projects and projects which preserve a City-designated Land-mark or Structure of Merit may request this additional height and FAR in all areas designated Mixed-Use Boulevard. (see Figure 9) Projects may also request a height up to 60 feet with a corresponding percentage decrease in FAR over 55’.

All Other ProjectsTIER 1 - BASE HEIGHT• The base height in the Mixed-Use Boulevard District is 32 feet

(2 stories) with a 1.5 FAR. A project will receive a 3-foot height bonus above the 32-foot base height, allowing for an additional floor of housing, by building the required affor able housing units in accordance with the percentage requirements specified in the City’s Affordable Housing Production Program for the proj-ect as a whole (see Figures 6 and 7). A Tier 1 project is minis-terial up to the discretionary review threshold established by the Zoning Ordinance.

TIER 2 - ABOVE BASE - WITH COMMUNITY BENEFITS• Subject to a discretionary review process, projects that provide

community benefits mayrequest a height up to 45 feet and 2.25 FAR. (see Figure 8)

TIER 3 - ABOVE BASE - WITH ADDITIONAL COMMUNITY BENEFITS• Subject to a discretionary review process, projects that provide

additional community benefits, may request a height of 55 feet and 2.75 FAR if the project is located in an area designated Mixed-Use Boulevard on Lincoln Boulevard, south of Wilshire Boulevard; on Wilshire Boulevard west of Lincoln; or within the area bounded by Colorado Avenue, Olympic Boulevard, 20th Street, and Cloverfield Boulevard. 100% Affordable Housing projects and projects which preserve a City-designated Land-mark or Structure of Merit may request this additional height and FAR in all areas designated Mixed-Use Boulevard. (see Figure 9).

ZONING OVERVIEWMixed- Use Boulevard

*Source:www.smgov.net/departments/PCD

TIER 3 - ABOVE BASE - WITH ADDITIONAL COMMUNITY BENEFITS Proposals above the base height must provide the City with enu-merated community benefits as identified in the “Five Priority Cate-gories of Community Benefits” section of this chapter. Housing and mixed-use housing projects will be required to provide a percentage of affordable units either on- or off-site. Other projects will contrib-ute applicable project mitigation fees for the purpose of addressing affordable housing requirements.

ALL TIERS• One hundred percent affordable housing projects will continue

to be provided existing incentives, including: building height not to exceed the allowable maximum height limit at the highest tier, inclusive of any development bonus for affordable housing; reduced parking requirements; flexibility in providing a reduc-tion in required ground floor pedestrian-oriented uses, which may also include community services, arts, and similar uses, as applicable; and administrative review of affordable housing projects (up to a maximum of 80% of median income only) with 50 units or less.

• New or remodeled buildings on property adjacent to the bou-levard shall have a minimum façade height to ensure the visual definition of the boulevard’s open space, to be defined in the zoning ordinance. (see Figure 10)

• Maximum height of the building façade adjacent to the property line along the boulevard or the intersecting side street shall be defined in the zoning ordinance. (see Figures 8 and 9)

• One hundred percent affordable housing projects will continue to be provided existing incentives, including: building height not to exceed the allowable maximum height limit at the highest tier, inclusive of any development bonus for affordable housing; reduced parking requirements; flexibility in providing a reduction in required ground floor pedestrian-oriented uses, which may also include community services, arts, and similar uses, as applicable; and administrative review of affordable housing projects (up to a maximum of 80% of median income only) with 50 units or less.

ALL TIERS *CONTINUED• New or remodeled buildings on property adjacent to the bou-

levard shall have a minimum façade height to ensure the visual definition of the boulevard’s open space, to be defined in the zoning ordinance. (see Figure 10)

• Maximum height of the building façade adjacent to the property line along the boulevard or the intersecting side street shall be defined in the zoning ordinance. (see Figures 8 and 9)

• Above the maximum streetwall height, the building shall step back from the boulevard in a manner that will minimize the visu-al bulk of the overall building as viewed from the public side-walks and roadway and ensure maximum light, air and sense of openness for the general public. Guidelines or standards for the building mass above the streetwall shall be established in the zoning ordinance.(see Figures 8 and 9)

• Buildings that share a property line with a residentially-desig-nated property are required to be setback at least 10 feet from the abutting residential property line. Further, to assure privacy and access to sunlight and air for the adjacent residential use, all new buildings and additions to existing buildings shall not project, except for permitted projections, beyond a building envelope commencing at 25 feet in height above the property line abutting the residential property or where there is an alley abutting the residentially-designated property, the centerline of the alley, and from that point, extending at a 45-degree angle from vertical towards the interior of the site.(see Figure 11)

• For any existing auto dealers that expand without using the urban auto dealership format, a discretionary process will be required.

CBRE © 2015 All Rights Reserved. All information included in this proposal pertaining to CBRE including but not limited to its operations, employees, technology and clients are proprietary and confidential, and are supplied with the understanding that they will be held in confidence and not disclosed to third parties without the prior written consent of CBRE. This letter/proposal is intended solely as a preliminary expression of general intentions and is to be used for discussion purposes only. The parties intend that neither shall have any contractual obligations to the other with respect to the matters referred herein unless and until a definitive agreement has been fully executed and delivered by the parties. The parties agree that this letter/proposal is not intended to create any agreement or obligation by either party to negotiate a definitive lease/purchase and sale agreement and imposes no duty whatsoever on either party to continue negotiations, including without limitation any obligation to negotiate in good faith or in any way other than at arm’s length. Prior to delivery of a definitive executed agreement, and without any liability to the other party, either party may (1) propose different terms from those summarized herein, (2) enter into negotiations with other parties and/or (3) unilaterally terminate all negotiations with the other party hereto.

This information has been obtained from sources believed reliable. We have not verified it and make no guarantee, warranty or representation about it. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs.

EXCLUSIVELY LISTED BYALEX KOZAKOV First Vice President+1 213 613 3031Lic. [email protected]

PATRICK WADE First Vice President+1 213 613 3071Lic. [email protected]

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