A group of surface parking lots on the edge of Downtown L.A. has hit the market with an asking price of $27 million.
The lots, which are split among six parcels and total about 1.6 acres, amount to one of the city’s more interesting recent development listings. The site is located within walking distance of Crypto.com Arena and the L.A. Live entertainment district, but in a relatively gritty area just west of the 110 Freeway that serves as the border of Downtown L.A.
The location could potentially work for a major commercial project or for low-income or homeless housing, according to Patrick Sharples, a broker with Keller Williams who has the listing.
“It definitely isn’t an area that has been gentrified, like Echo Park or Silver Lake,” said Sharples. “It seems to me like it would be a good situation for what the city says they want to solve.”
The site is zoned for commercial manufacturing use but is eligible for affordable housing projects. Sharples has approached L.A. Mayor Karen Bass’ office to inquire about potential opportunities, he said.
Another development option could be a large hotel, Sharples said, because of the area’s access to the freeways and high visibility, although such a project would require a zone change.
“We’ve got the Olympics coming up. … It’s an ideal location [for a hotel] because it’s right there off the 110 and the 10,” he said.
The parking lots are currently in use and owned by a Delaware-registered company called Criscione-Meyer Entitlement, which is controlled by local business partners. In 2021 the entity took on a $10 million loan, according to property records, but the loan is coming due and the owners have been struggling to refinance.
“The sellers are extremely motivated,” Sharples said.
The site is located at 1313-1337 West 11th Place and 1327-1333 West 12th Street, technically in the city’s Pico-Union neighborhood. They hit the market last month.
Earlier this year, the Beverly Hills-based developer Eleven St. Towers filed plans for a four-story all-affordable apartment building about a quarter mile west of the parking lots. Despite its recent struggles, Downtown L.A. remains a focus for continued residential development. In May the L.A. City Council approved a major neighborhood zoning update that allows for up to 100,000 new units — development that could eventually also bleed into Pico-Union.
Read more
Politics
Los Angeles
City of LA approves major DTLA, Hollywood zoning plans
Commercial
Los Angeles
Self-storage firm plans 140K sf complex, its second in LA
Los Angeles
Hotel sales in SoCal rebound this year as tourism surges