A prime development parcel near the iconic Hollywood Walk of Fame is now available for purchase through A&G Real Estate Partners and Onyx Asset Advisors. This highly desirable location in Downtown Los Angeles spans nearly 10,000 square feet and is currently being used as a parking lot.
According to Emilio Amendola, co-president of A&G Real Estate Partners and head of their real estate sales division, the demand for parking in this area makes it an attractive option to continue with its current use. However, due to its flexible zoning code, there are also numerous other potential uses for this site. It presents a rare opportunity that is guaranteed to be sold quickly in the heart of Hollywood.
One possible use under consideration by Onyx’s managing director Paul D. Buie (pending city approval) is a high-efficiency short-term rental property. With several successful STRs already established in the neighborhood, this would be a natural fit given that Hollywood remains one of the world’s most popular tourist destinations – especially with Los Angeles hosting upcoming Summer Olympics events.
