674 Olive St, Venice, CA 90291

Property Description

REDUCED $59,000.000 Great opportunity for an investor. Architect available to take through to completion. These plans were completed and design was taken to coastal commision and venice specific plan. The coastal commission said the design could be accepted for a 'coastal exempt status'(nickname: CEX). With this exemption, buyer will be spared an estimated one year's process with the coastal commission and it's rounds of public hearings.To apply for a coastal exemption is next step and would take 6 weeks, cost $1900 fee with application. The main criteria that the revised design meets in order to get the coastal exemption is that we use 50% or more of the walls that are there. There are other influencing factors that could see a project rejected, but we do not believe that any would apply to this project. For example, we have consciously limited our height so as not to exceed what is there presently for a 2,546 sq. ft. main house and a 512 sq. ft. studio/recreation room with a 1/2 bath for a total of 3,058 sq. ft. of top notch state of the art modern designed. These plans have not been submitted for approval as of yet, but the plans have been vetted through building and safety and meet all building requirements (buyer to do there own due diligence). The photo of an actual property is a match to the architectural plans. There is no guarantee the property will be exactly the same at completion.