Olympic & Hill 940 S Hill St

Redevelopment opportunity. New zoning going into effect January 27, 2025 allows for high-rise development with a bonus FAR of 13.0. Several development or redevelopment possibilities:
High-rise residential — new zoning allows for up to 445 units (assuming 75% efficiency and 800 avg SF per unit) resulting in a land price per SF of only $40,337.
Build-to-suit for retail tenant(s) such as a supermarket — attached example retail redevelopment model achieves a 6.39% trended yield on cost, and a ~30% levered IRR in 24 months with $200 PSF construction budget and realistic projected market rents. Existing property has 83 existing on-site parking spaces including the rooftop parking, which achieves a 3.4 per 1,000 parking ratio. Property is eligible for AB 2097 making it exempt from the enforcement of parking ratio requirements by use.
Property includes an existing 8,500 SF basement space for a total of approximately 33,000 SF. There is an existing elevator (currently non-operable) that runs from the basement to the rooftop parking.
Existing power: 4000A (Supply), 1600A (Service), 208Y/120V, 3P 4W
Adjacent lot on the corner of W Olympic Blvd and Broadway is also available for sale and can be assembled with this lot for a larger development or to increase parking supply.