807 Waterloo Street

801807 Waterloo Street is a fully entitled affordable housing development site in the heart of Echo Park Two adjacent parcels totaling 12613 square feet Approved entitlements for 131 incomerestricted units and letter of Compliance already in hand The plan calls for a sevenstory midrise using Type III over Type I construction At roughly 65000 buildable square feet the unit mix breaks down to 84 singles and 47 onebedrooms A rooftop deck multiple open recreation areas and space for supportive services are built into the design The 50 design development plan package is included and the Welfare Tax Exemption is already BOEapproved Both are significant time and cost advantages for a buyer ready to move On pricing 22099 per buildable unit is the number that stops people A missiondriven developer or nonprofit can acquire a fully entitled 131unit affordable project in one of the most transitconnected neighborhoods in LA for a fraction of what it costs to assemble and entitle from scratch The location supports it Walk Score of 89 Sixminute walk to Sunset Boulevard 13 miles to the Metro B Line 25 miles to Downtown LA The site sits within the Silver LakeEcho ParkElysian Valley Community Plan area surrounded by the kind of neighborhood density restaurants transit employment that drives leaseup velocity for affordable housing The rental demand picture in Echo Park is not speculative New developments are moving in the corridor right now 176 units at 2225 W Sunset 74 units at 3004 W Sunset 90 units at 355 Glendale Supply is coming but it is not catching up Incomerestricted product at this location will not sit