East Hollywood development site is listed as “shovel-ready.” There’s one problem

The owner has applied for a variance to build a 65-unit project, but the property is already advertised as ready for construction

Mar.March 14, 2019 03:00 PM
A rendering of 5430 Virginia Avenue (Credit: Vanguard Investments)

“Shovel-ready,” as the term would imply, means construction can begin.

A 15,000-square-foot lot in East Hollywood is being listed as shovel-ready, even though the owner applied for a variance from the city this week that would allow for a 65-unit building.

Mehdi Mossazadeh owns the lot on 5430 Virginia Avenue, records show. The apartment units would include seven designated as affordable. The new building would replace two smaller residential structures there.

The lot is “shovel-ready,” according to the LoopNet listing that was created in November, with “an opportunity to break ground immediately.” The property is for sale for $5.9 million.

The listing agent, Arthur Arejian of Vanguard Investments, responded to inquiries about potential buyers. He did not respond to requests for comment from The Real Deal. On Vanguard’s website, the land and project are listed as “construction loan ready” for the same price.

Attempts to reach Mossazadeh were unsuccessful.

Entitled projects and massive plots of empty land have found their own markets and buyers, but projects for sale before approval aren’t as common.

Related Articles

6550 South Normandie Avenue (Credit: Google Maps)

Haroni Investments to turn parking lot into new apartments

Council President Herb Wesson and a rendering of District Square

City will draw up “anti-displacement zone” ordinance

4Site Real Estate’s Todd Wexman and the entryway at the Cha Cha Cha condo building

“A slap in the face”: LA developer criticized for condo project name

Governor Gavin Newsom and Senator Nancy Skinner (Credit: Getty Images and iStock)

Developers rejoice: Newest state law aims to boost housing production

Assemblyman David Chiu and Gov. Gavin Newsom (Credit: Wikipedia and iStock)

California passes landmark rent control law

Ron Galperin and an overview of LA (Credit: iStock)

LA owns thousands of properties, many of them vacant. LA’s controller has an idea to spur development

Bob Halavi and 827 South Grand View Street (Credit: LinkedIn and Google Maps)

This 60-unit resi project would add to MacArthur Park’s growing pipeline

Top to bottom: a rendering of the project and a photo of the site at 3170 West Olympic Boulevard (Credit: Google Maps)

Koreatown hotelier sells shovel-ready development site entitled for 252 units