The Olson Co. Rezones 6.3 Industrial Acres

TEMPLE CITY, CA—The Olson Co. has acquired 6.3 acres of industrial land on an irregularly shaped parcel with plans to build 74 urban infill homes. As part of the transaction, Olson requested the city rezone the land from industrial use to residential use. After several months, the city approved the rezoning request and Olson closed on the land sale.

“Ultimately, the sale hinged on a change in zoning from an industrial use to residential,” says Wayne Lambert, SVP of the Colliers International. “That sounds so simple, but, in order to get there, it requires so many different steps that it becomes a necessary and very lengthy process. I don’t think any of us thought it would take as long as it did to accomplish, but we are pleased to have seen it through the maze of site-plan reviews, general plan amendments, environmental studies, noise studies, and public hearings.”