$ 7,950,000
1637 Stanford Santa Monica, CA 90404
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$ 7,950,000
Est. payment /mo
Price Dropped by $300K
1637 Stanford Santa Monica, CA 90404
0.53 Acres Lot
UPDATED:
10/10/2024 06:09 PM
Key Details
Property Type Vacant Land
Listing Status Active
Purchase Type For Sale
MLS Listing ID SB24031693
HOA Y/N No
Lot Size 0.531 Acres
Acres 0.5311
Property Description
We are pleased to present 1637-1651 Stanford Street, a multifamily development opportunity in Bergamot neighborhood of Santa Monica.
The Bergamot Neighbor of Santa Monica is one of the most desirable development markets in the
country with many world-renowned companies calling the neighborhood home. 1637-1651 Stanford
Street is located blocks away from some of the nation’s most prestigious companies which include
Amazon Studios, Oracle, Red Bull, GoodRX, CBS Television and Lionsgate.
1637-1651 Stanford Street consists of four contiguous parcels on a total
of 23,134 SF of land. The sites are all located within the Conservation Creative Sector of the Bergamot
Plan. For Housing Projects located within the Conservation Creative Sector, the plan allows for market-rate multifamily to reach a height of 55 ft with a FAR of 2.5 while 100% affordable housing developments are allowed a maximum height of 65 ft with a FAR of 3. The sites are located within a half mile of the 26th Street/Bergamot light rail Metro line giving developers the ability to use California Assembly Bill 2097 to significantly reduce the parking requirements for housing projects. In addition, by utilizing the newly passed bill, California Assembly Bill
1287, a developer can increase the density by 100% by allocating 15% of the units to very low income, and
15% of the units to moderate income.
The Bergamot Neighbor of Santa Monica is one of the most desirable development markets in the
country with many world-renowned companies calling the neighborhood home. 1637-1651 Stanford
Street is located blocks away from some of the nation’s most prestigious companies which include
Amazon Studios, Oracle, Red Bull, GoodRX, CBS Television and Lionsgate.
1637-1651 Stanford Street consists of four contiguous parcels on a total
of 23,134 SF of land. The sites are all located within the Conservation Creative Sector of the Bergamot
Plan. For Housing Projects located within the Conservation Creative Sector, the plan allows for market-rate multifamily to reach a height of 55 ft with a FAR of 2.5 while 100% affordable housing developments are allowed a maximum height of 65 ft with a FAR of 3. The sites are located within a half mile of the 26th Street/Bergamot light rail Metro line giving developers the ability to use California Assembly Bill 2097 to significantly reduce the parking requirements for housing projects. In addition, by utilizing the newly passed bill, California Assembly Bill
1287, a developer can increase the density by 100% by allocating 15% of the units to very low income, and
15% of the units to moderate income.
Location
State CA
County Los Angeles
Area C14 - Santa Monica
Zoning SMLMSD*
Interior
Fireplace No
Exterior
Community Features Urban
View Y/N No
View None
Building
Water Public
New Construction No
Others
Senior Community No
Tax ID 4268004024
Acceptable Financing Cash, Cash to New Loan, Conventional
Listing Terms Cash, Cash to New Loan, Conventional
Special Listing Condition Standard
Listed by Nico Rosmarin • Lyon Stahl Investment Real Estate, Inc. • 303-819-5225