What would you do with a small parcel in a strong urban area? Let's say a 0.15 acre (6,500 SF) site.
It seems like most of the people here have experience with larger projects where there's more space to work with, but you may have to get creative to make the most out of a small site. I think a 6ish-story apartment building would be feasible, with the ground floor being mostly parking (maybe 30 units?). Curious what the community here would try and build, assuming there aren't zoning issues.
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Hi UncompahgRE, any of these threads helpful:
Hope that helps.
Given where construction costs are trending and rental increases are starting to stall in major markets, I'd build a basketball court in the interim to build some goodwill with the community.
But then when the market is more favorable you’re the guy who demolished the de facto community center for an apartment building.
Looked at a lot of these, as LA has a lot of 7,500 SF lots all over the city. What you can design is driven largely by parking requirements. Apartment site planning is almost surely limited to a single loaded corridor type of building which is not that efficient. I've underwritten a bunch, they don't really make sense unless you are getting a steal on the land buy, and limited/no parking (certainly no sub-T parking) plus Type V wood frame or Type III mod to reduce your hard costs.
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Thanks. I’ll check.
WallStreetOasis.com Same here. It's not letting me give Rick Rosay any bananas.
Working on a similar sized lot at the moment, zoning is pretty flexible. Resi wasn't viable due to parking/pricing, office wasn't viable due to just about everything, too small for even a boutique hotel operator. I found the best margin to be in a 50 room / 250 bed, 3-4 star hostel.
That's really interesting, I've never seen a hostel deal before. Were there no parking requirements for the hostel? And could you or someone give a basic rundown of how you would go about underwriting a hostel? (rent, vacancy, expenses, etc.)
Have a deal like this... 6,299 SF with an attractive buildable, but zoning caps height at around 14 floors... As such, we are looking at a boutique (read: non-flagged) hotel. Riskier development for many reasons, but pencils out better than office/MF given the constraints of zoning.
A few questions: How many units are you looking to build for the hotel? How are you handling parking? And are you self-managing, or having a third-party management company manage the hotel?
140-150 rooms, dependent on how efficient we decide to make the rooms. We are underway discussion with several hotelier management/ownership groups, so yes it would be some third-party group.
As far as parking, downtown zoning doesn’t require it, so none in the longer-term. While we continue branding/pre-dev, we will use the limited parking spaces to carry property tax.
Happy to chat offline as well.
Affordable/workforce/student housing. Only way you’ll get thru the politics of limited parking and justify the construction costs.
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