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The Real Deal Los Angeles

BLDG Partners brings small lot homes to Park Mile

Company is latest to embrace trend of single-family units on one lot
By Cathaleen Chen | May 23, 2017 09:00AM

Rendering of the project at 4701 Wilshire Boulevard

It seems that no Los Angeles neighborhood is immune from the small lot home craze, not even the predominantly commercial Park Mile area.

Developer BLDG Partners launched a collection of seven small lot townhouses in the area less than a mile from Hancock Park — the first of its kind on the commercial stretch, the developer said.

The seven homes include three- and four-bedroom floor plans, ranging from 2,200 square feet to 2,500 square feet. All of the units will have three levels and contain four bathrooms, a two-car garage, and a rooftop terrace. They’re priced between $1.7 million and $2 million.

BLDG tapped Partners Trust’s Diana Knox, Joanne Lindsay, Rick Ojeda and Nick Segal to market the homes.

The properties were built under the small lot building ordinance, which was passed in 2005 to allow for multiple single-family units on one lot. More and more developers are opting to build small lot homes, as the availability of land in L.A.’s most sought-after areas becomes depleted.

BLDG’s site, at 4701 Wilshire Boulevard, was one of only a handful of remaining lots in Hancock Park, according to BLDG principal Guy Penini. The company acquired the site in 2013 for an undisclosed price.

“We wanted to combine the residential character of the neighborhood, which is mostly single-family homes, with a lock-and-leave lifestyle,” he told The Real Deal.

Nearby in Mid-City, Mercer Vine’s Coley Laffoon launched a 12-unit small lot development in October. In San Pedro, Mesa Properties is also planning a small lot complex with 22 homes. Small-lot projects are also underway in Elysian Valley, Sunland-Tujunga, and Woodland Hills.

Since the small lot ordinance was signed into law last summer, more than 2,000 small lot units have been constructed.

Construction of BLDG’s project, dubbed the Sevens, will wrap up this summer.