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

“Ultimately, the sale hinged on a change in zoning from anindustrial use to residential,” says WayneLambert, SVP of the ColliersInternational. “That sounds so simple, but, in order toget there, it requires so many different steps that it becomes anecessary and very lengthy process. I don't think any of us thoughtit would take as long as it did to accomplish, but we are pleasedto have seen it through the maze of site-plan reviews, general planamendments, environmental studies, noise studies, and publichearings.”

The land site has been vacant since 2011, although past tenantsinclude Huff Lumber and Reliable WholesaleLumber. The developer plans to design a vibrantneighborhood that it believes is much needed in the market. Theplans include 74 attached and detached single-familyhomes in a walkable community near public transit. Thecommunity will be gated, and include a sound wall to block noisefrom the nearby Union Pacific Railroad Line. “Wereally like the San Gabriel Valley market and we continue to lookfor additional opportunities there,” says ScottLaurie, CEO of Olson Co. “Our belief is that buyers thereare looking for new products, but there is not much new inventory.We plan to change that where and when we can and that's why we wereso determined to push for a zone change and buy this property.”