Developer Abraham Shofet is planning to sell a shovel-ready site in Silver Lake complete with not-yet-approved plans for a 67-unit apartment complex, according to sources at his firm, Axiom Real Estate Investments.
The prospective buyer of the 0.6-acre lot on the corner of North Alvarado and Kent Streets — currently asking a little over $6.7 million — would inherit plans to build a five-story apartment structure spanning 52,990 square feet.
The lot is currently occupied by a pair of single-story commercial buildings, totaling 11,000 square feet.
Seven of the 67 planned units would be reserved for very low-income residents, according to city documents. Albert Shilton of Charles Dunn has the listing for the site.
Shofet, operating under the entity Victoria Fresno Realty LLC, acquired the site for $2.55 million in 2014, according to CoStar.
The project does not require a zoning change, Shilton told The Real Deal.
“It’ll be ready to build within 60 days,” he said.
Shofet, who did not respond to a request for comment on why he’d opted to sell the site, is also planning a 74-unit apartment complex in Baldwin Hills, Urbanize reported earlier this month. It will replace the vacant medical office building at 3831 West Stocker Street.