At least eight people do, according to an official with the newly completed Echo 1030 Live/Work Lofts in Echo Park. In a relatively short period of time, eight out of the 20 loft-style apartments on Alvarado Street near Sunset Boulevard have been leased steps away from one Echo Park’s busiest intersections. The four stories of apartments above one floor of shops and parking is part of a batch of new residential development along the area’s primarily commercial corridors. A partner in the development told The Eastsider last year that rents in the building’s smaller units would range from $1,200 to $1,400. A leasing person said today that the rents have changed since then but declined to provide updated figures.
Sunset and Alvarado – where the corners are anchored by a car wash, gas station, Pizza Buona and Burrito King – has been dubbed an intersection of “24-hour despair.” Still, that has not scared off all developers or tenants. In fact, the owners of two empty lots near the Echo 1030 are promoting it as the site for the next possible residential complex near Sunset & Alvarado.
* Update: Readers have found rental ads for the project on Craigslist, including one ad asking $3,895 a month for an 1,835-square-foot, two-story unit.