A long-term property owner in Silver Lake owned and operated a motel in an area that had undergone signiÿcant gentriÿcation over the past 15 years. Urbanlime’s Ty Del Re had established contact with the owner over ÿve years ago to assess their level of interest in a sale. Urbanlime’s Lorena Tomb had also developed a strong relationship with a local property owner who expressed interest in acquiring the site. An initial meeting regarding their interest occurred in the summer of 2022, which was followed by an offer to purchase the real estate. The property owners were unwilling to sell but expressed a desire to step away from operating the motel. They were hoping to have someone lease the property and continue the same operation. After multiple attempts to come to a mutually agreeable arrangement, a 99-year land lease was ÿnalized with the parties. The ground lessee plans to reposition the asset into a high-end boutique hotel and add a F&B component.
