A developer joint venture has picked up a bank-owned property on Melrose near Gramercy Place, which it plans to subdivide and sell off. The lot is a few blocks east of Paramount, half a block from the Hollywood Historic Hotel, and next door to the Conway Recording Studios (with Paramount expanding and Larchmont predominantly single family, the area does seem ripe for a little development shakeup). According to a press release, new owners Mountain Real Estate Capital and Harridge Development are now working on re-entitling the property from multi-family to a small lot subdivision under the city ordinance that allows developers to build several detached houses on a single lot. The release says that instead of building themselves, however, the JV intends to sell the single family lots to homebuilders---they do use the plural, although we've never heard of multiple builders working on one small lot subdivision (here are some examples of small lot projects). According to plans filed with the city, MREC and Harridge are asking for 49 units, which is a whole lot of houses for the narrow site.
· Mountain Real Estate Capital Expands Its SoCal Developer/Builder Joint Venture Program [MarketWatch]