VCM Aquires SIX98 Irolo in Los Angeles, California
30 July, 2019
July 30, 2019 – VCM is pleased to announce the opportunity zone acquisition of SIX98 Irolo, a 17,000+SF parcel of land, located at 698 Irolo Street in Los Angeles, California.
Located in an opportunity zone, SIX98 Irolo is a 17,290 SF parcel of land, currently an operating retail plaza in the center of Koreatown, Los Angeles. Within the next 12 months, VCM intends to commence construction of a mixed-use apartment and retail building.
The property is a by-right development of 86 market rate apartments and 3,200 SF of ground floor retail. With use of the Transit-Oriented Community density bonus, the property has the potential for up to 139 market rate and 18 affordable apartments. This site is made attractive by a dense R5-2 zoning, FAR of 6:1, no height restriction, and no concessions required from the planning board.