Curbed LA is reporting that real estate investor Mountain Real Estate Capital (MREC) and developer Harridge Development have purchased a bank owned residential infill property at 5120 Melrose (between Gramercy and St. Andrews). The joint-venture is in the process of re-entitling the property from multi-family to single family lots which they will sell to home builders.
“The acquisition of this project on Melrose Avenue is the exact type of infill opportunity MREC and our developer partners have been seeking and closing in Southern California,” said Peter Fioretti, MREC’s chief executive officer. “Identifying such opportunities is just the first step — the more challenging part is value-add through creative land planning and product design to meet current market demands. That’s why we team up with best-in-class developers and builders like Harridge on projects like this: to identify and create hidden value and assure success.”
The property is about 72,000 square feet – and the case on file with the LA City Planning Department is requesting to create a 49 lot small lot subdivision. The site is the former home to the Cheder Menachem Chabad School for K-12 Grades. The school moved to another location.
One can’t deny that this area just East of Larchmont Village is ripe for redevelopment. This small lot subdivision could be the first of many projects aimed at updating this very convenient Larchmont-adjacent community.
ZIMA – Report on 5120 Melrose
Modative – Small Lot Subdivision Ordinance