12342 Osborne Pl, Pacoima, CA 91331

Property Description

We are pleased to present 12342 Osborne Place, a unique opportunity for a developer to build either 29 units by-right or 45 units with density bonus. The offering is located in a qualified "Opportunity Zone", providing a developer with major long term tax benefits. In addition to the densities provided above, a developer has a couple more options when deciding the project. A developer has the added options of taking TOC Tier 1 + ADUs or building 100% affordable units. A developer could build up to 56 units taking TOC Tier 1 + ADUs and an unlimited amount of units by building 100% affordable.12342 Osborne Place is comprised of 43,532 SF (approx. 1.0 acres) of vacant land zoned (Q)RD1.5-1-CUGU. The lot is located on the East side of Osborne Pl in the southeast section of Pacoima, surrounded by Shadow Hills, La Tuna Canyon, Sun Valley, and Arleta. This convenient San Fernando Valley neighborhood boasts commuter's accessibility with the 5, 210, and 118 freeways within close proximity of the subject property. The city of Pacoima is revitalizing the area by creating a pedestrian-friendly, community-oriented downtown along Van Nuys Blvd between Laurel Canyon Blvd and San Fernando Rd. Phase 1 of this plan has already been implemented, with traffic-slowing measures along Van Nuys Blvd. The city is working with the County of Los Angeles to obtain funding for the next stage of revitalization, which would include funding to improve the faade of existing structures in this area, with the intention of creating a community oriented city center with a focus on the arts, shopping, dining and new nightlife opportunities.