±33,520 SF Commercial/ Redevelopment Corner Lot on Sunset Blvd in Hollywood, California.

Highlights:

• LAC4 Zoning
• Located in World-Famous Hollywood, CA
• Redevelopment Property on Sunset Strip

Description:

Commercial/ Redevelopment Corner Lot on Sunset Blvd in Hollywood, California.
Visit FRE.com/477D13 for more information and to place your offer.

Situated at 7038 Sunset Blvd., this expansive lot spans approximately ±33,000 sqft (0.77 acres). Within it are P1 lots totaling 6,400 sqft, interconnected to form part of the larger property. This location is prime for redevelopment and more information is below.

As an owner/use opportunity, the property boasts a 9,424 sqft rentable square foot restaurant/tavern building with an additional 2,000 sqft basement. Accompanied by a spacious surface parking lot, capable of accommodating approximately 62 cars or up to 95 cars with valet service. Originally constructed in 1940, the property underwent extensive renovations in 2020, ensuring modern functionality and appeal. ABC License Type 47 w/ 2AM Parking. Just a block away from iconic landmarks such as the Hollywood Walk of Fame and the Dolby Theatre, this prime location offers proximity to numerous world-class Hollywood destinations

Zoned LAC4. See more information below:

LAC4 zoning facilitates mixed-use development, enabling the coexistence of residential and commercial properties. It often permits higher-density construction, encouraging buildings with increased floors or units per acre. This zoning category allows for a diverse range of commercial activities, fostering economic vibrancy and the establishment of bustling commercial centers. Such zoning initiatives contribute to the city's overarching goals of managing urban growth and development to bolster economic vitality, livability, and sustainability in Los Angeles.

Situated just 100 feet away at 7022 Sunset Blvd, a closed commercial property near the intersection of Sunset Blvd and Sycamore Ave, will be redeveloped into a mixed-use apartment complex. The plan entails a seven-story, 121,000 sqft building, housing 112 studio, one, and two-bedroom apartments, along with 2,700 sqft of ground-floor commercial space.

Documents: