As you know, Adaptive is moving towards doing more ground-up construction projects. As we do, we’re learning more and more about the zoning code and how it shapes what gets built here. And as I learn, I’m going to share with you.
So, that said, here’s an interesting factoid: The LA zoning code makes it almost impractical to build one bedroom apartments, at least in smaller buildings where you’re not going to build subterranean parking.
You first have to understand that the number of parking spaces you can fit on a lot is almost as important in determining what you can build as the zoning. It doesn’t matter if the zoning allows for 16 units if you can only park eight of them.
And here’s where the code comes in to make 1/1s impractical: The code requires 1.5 parking spaces per 1/1 apartment and only one parking space per studio.
Anyone who knows anything about designing apartments knows there are plenty of ways to make studios feel like 1/1s, close enough that there’s basically no difference in achievable rent.
Given the minimal rent difference, and assuming you have the zoning, it’s crazy to build, say, two 1/1s instead of three studios.
So, at least right now, it feels like we’re going to end up building a lot of studios.