Plans for an RTI (Ready To Issue) 31-unit multifamily project in Vermont Square are underway, at 836 – 842 W. 42nd Place. BSM Investments, LLC has acquired the land, designed the plans, and is currently working through the entitlement process with the City of Los Angeles. BSM’s intention is to sell the package—which includes everything to build the residential project including the land, plans, and entitlements—for $2,500,000 to a developer.
While it’s not sold yet, “we have a lot of parties that are interested” in buying the package, Oron Maher, the project’s broker, Tuesday told What Now Los Angeles. Once the project gets all its plans approved through the city in “two to three months,” a buyer would be able to pull permits and go vertical with the design and entitlements in place. The site, about a mile away from the University of Southern California, would be ideal for student housing, co-living, Section 8, or a “standard tenant” property, Maher said.
“The development is unique in the sense that the majority of the units are large four- and five-bedroom units,” Maher said. “The property sits mid-block in a TOC (Transit Oriented Communities) Tier 3 zone and is surrounded by multiple Metro stops.”
The Voices Neighborhood Council is expected to hear the proposal at the end of July which includes the demolition of four residential units at the site.