The Challenge: Satisfy Affordable Housing Requirements to enable a Historic Hotel Renovation
One of the most prominent developers in Los Angeles needed to satisfy an affordable housing requirement to enable their renovation & redevelopment of a historic Hotel property in Downtown Los Angeles.
The project had many challenges: a) limited locations could be considered as the affordable housing development had to be in proximity to the subject property; b) limited options were available on the market; c) client was under a deadline to achieve results.
The ZG team of Jake Zacuto, Andrew Sinasohn and Connor Sears developed a specific process to target properties that fit the clients specific search criteria. By using multiple methods and proprietary strategies, Zacuto Group was successful in securing for the client an off-market three parcel opportunity, strategically located for the client’s needs for $5.7 Million.
Client Type: Developer
Location: City West Specific Plan Area (W. of DTLA)
Site Area: Three continuous parcels totaling approx. 19,000 SF
Future Development: 270+ Affordable Housing Units