In 2015, CGI+ purchased a 30,000 SF lot for $6 million with the intent to develop a Class A, multifamily development with street-level retail. Located on the northwest corner of Mariposa Avenue and Third Street in the vibrant Koreatown neighborhood of Los Angeles, the land was comprised of three contiguous lots with mixed R4 and C2 zoning.
The by-right zoning allowed for 98 units. CGI+ sought additional density and was approved in December 2016 for a 122-unit project with a more than 50% increase to the building envelope. In exchange for the increased project size, 17 of the units (14% project) are designated as affordable units subject to rent escalations of 3% per year. The project was completed in Q1 2020.
|Property Address:||255 Mariposa Ave, Los Angeles, CA|
|Investment Type:||Mixed Use Development|
|Asset Type:||Luxury Multi-family|
|Size:||122 Units 4,600 SF Retail|