A rendering of 5430 Virginia Avenue (Credit: Vanguard Investments)
“Shovel-ready,” as the term would imply, means construction can begin.
A 15,000-square-foot lot in East Hollywood is being listed as shovel-ready, even though the owner applied for a variance from the city this week that would allow for a 65-unit building.
Mehdi Mossazadeh owns the lot on 5430 Virginia Avenue, records show. The apartment units would include seven designated as affordable. The new building would replace two smaller residential structures there.
The lot is “shovel-ready,” according to the LoopNet listing that was created in November, with “an opportunity to break ground immediately.” The property is for sale for $5.9 million.
The listing agent, Arthur Arejian of Vanguard Investments, responded to inquiries about potential buyers. He did not respond to requests for comment from The Real Deal. On Vanguard’s website, the land and project are listed as “construction loan ready” for the same price.
Attempts to reach Mossazadeh were unsuccessful.
Entitled projects and massive plots of empty land have found their own markets and buyers, but projects for sale before approval aren’t as common.