Matthew Luchs with Zacuto Group is exclusively marketing the sale of a prime development opportunity at 912-918 N Marine Street in Wilmington, CA. This 15,270 square foot lot presents an exceptional investment opportunity with significant residential development potential under AB 2334, allowing for the construction of 93 residential units averaging 450 square feet per unit. With a permitted height of 63 feet and no limit on the number of stories, developers have the flexibility to design an efficient and profitable project in one of Los Angeles' evolving submarkets.
The property is zoned for various residential uses, including one-family dwellings, two-family dwellings, apartment houses, multiple dwellings, and home occupations. Additionally, per AB 2097, no minimum automobile parking is required, which significantly reduces development costs and maximizes usable space for residential purposes. The project also includes 79 bicycle parking spaces, catering to the increasing demand for alternative transportation options in urban settings.
From a regulatory standpoint, the property has several advantageous factors. It is not eligible for the ED1 program or the CHIP Ordinance, eliminating certain restrictions that may apply to other development sites. Additionally, under the existing Q-Condition, the development of a hotel, motel, or apartment hotel is possible through a Conditional Use Permit (CUP), opening potential alternative development strategies. The site is also within the Clean Up Green Up (CUGU) District; however, since residential development is not included in the CUGU Subject Use List, these provisions do not apply, simplifying the entitlement process.
One key consideration for investors and developers is the ongoing rezoning process affecting this property, which is expected to take effect within approximately one year. While the current assessment applies only to existing zoning regulations, prospective buyers should be aware of potential future changes that may further enhance the site’s development capacity and financial feasibility.
Wilmington is an area experiencing steady growth, fueled by its strategic location near the Port of Los Angeles and major employment hubs. The neighborhood offers access to key transportation routes, retail corridors, and community amenities, making it an attractive location for new residential development. The demand for well-located, efficiently designed housing continues to rise in Los Angeles, and this project presents a unique opportunity to address that demand while capitalizing on a high-density development model with favorable zoning conditions.
This property stands out as a premier opportunity for developers looking to create a transformative residential project in an emerging Los Angeles market. With its advantageous zoning, flexible development parameters, and strong investment fundamentals, 912-918 N Marine Street is positioned to deliver strong returns while contributing to the city's ongoing urban growth and housing initiatives.