I’m a commercial real estate agent representing the owner of the sale of a commercial property suitable for a cannabis dispensary in the heart of Downtown Los Angeles. This property is a brick warehouse approximately 5,200 square feet situated on 5,856 square feet of land. Beginning of April, the parking lot adjacent to the site will begin construction on a 60-story residential high rise which is expected to be one of the tallest buildings in Downtown Los Angeles. In addition, two parcels less than a block away, along Main St / Broadway St are currently entitled for development of approximately 402 residential units with over 600 units existing nearby. This property possesses a wide variety of creative uses suiting wealthier residents soon to occupy this area. Currently the site is zoned C2 which would only approve a “Retail” or “Non-Storefront Retailer” due to zoning restrictions based on the Los Angeles Municipal Code for Cannabis related uses. The site maintains over a 700-foot radius from “Sensitive Uses” (Public Parks, Public Libraries, Drug Treatment Facilities, Day Care Center, Permanent Supporting Housing, Schools). From our understanding, the city of Los Angeles is currently not issuing new licenses but a transfer of an older licenses within the city of Los Angeles or community plan would be suitable. The potential buyer will be responsible for navigating this use with the city for approval.
The attached links below redirects to a website overviewing the site and zoning information about cannabis related uses in “Article 5”.
https://codelibrary.amlegal.com/codes/los_angeles/latest/lamc/0-0-0-312196
Please contact me if you are seeking additional information.
Elias Vasconcellos
Lee & Associates Commerce Inc
Corporate ID 01125429 | License ID 01983219
THIS INFORMATION SUPPLIED HEREIN IS FROM SOURCES WE DEEM RELIABLE. IT IS PROVIDED WITHOUT ANY REPRESENTATION, WARRANTY OR GUARANTEE, EXPRESS OR IMPLIED AS TO ITS ACCURACY. PROSEPCTIVE BUYER SHOULD CONDUCT INDEPENDENT INVESTIGATION AND VERIFICATION OF ALL MATTERS DEEMED TO BE MATERIAL, INCLUDING, BUT NOT LIMITED TO, STATEMEMENTS OF INCOME AND EXPENSES. CONSULT YOUR ATTORNEY, ACCOUTANT, OR OTHER PROFESSIONAL ADIVORS.
