604 W Chapman

Seller may consider financing, Inquire for details. ***Fresh, new update regarding this property! *** {Per recent conversations 1. The Chapman Corridor Revitalization Project (CCRP) is very much a real and priority project for the city of Placentia. It has been and is continuing to move forward. 2. Our specific lot, sitting within the Northgate shopping center, is part of the Chapman Corridor Revitalization Project (CCRP). Since the shopping center is located at one of the key entryways to the city of Placentia, is a very important location. 3. It is reasonable to expect the following to happen at this shopping center, including this lot. a. This shopping center (Northgate shopping center), being part of the CCRP, is anticipated to be re-zoned to a high-density, mixed-use zoning. The official I spoke with shared that by this time next year, this new zoning will likely have been approved by the City Council. b. The current zoning for this property and shopping mall is C1 – “Neighborhood Commercial” zone. A very possible (and likely) new zoning for the land in the Northgate center will be high-density mixed zoning use to allow for the building of up to 65 units per acre with a building height limitation of 55 feet. A 55 ft. build height limitation generally allows for building up to 4 stories. c. Another re-zoning possibility will allow for the building of up to 95 units per acre with a building height limitation of 68 feet (this height allows for building up to 5 stories). The official I spoke with stated that this higher 95-unit density zoning will likely NOT be the zoning designation for this shopping center and lot. The 65 units per acre zoning was much more likely. d. This high-density mixed-use zoning is designed for residential use on the second floors and higher and for retail/ commercial use on the first floor. e. At 10,454 SF as the lot size, the math indicates that this lot will enable the build of up to 15 units on the property when considering the 65 units per acre high-density mixed-use zoning. 4. Because of the importance of the Chapman Corridor Revitalization Project (CCRP), the city official stated that she (and the city) does not want there to be an independent development for C1 on our lot at this time. That would go counter to their plan of re-zoning the whole shopping center to the high-density mixed-use zoning that is planned.