Pulte Homes, one of the nation’s largest home builders, has agreed to buy a planned 19-townhouse development in Eagle Rock from Heyday Partnership, which has been involved in projects in Echo Park, Eagle Rock, Lincoln Heights and other Eastside neighborhoods. Heyday, which announced the sale, did not disclose a price. But a real industry observer said the half-acre property at 5036 Ellenwood Drive sold for an estimated $4 million. While Heyday had proposed building a contemporary project pictured above, Pulte will most likely pursue a more traditional design.
“I think they are doing something similar as far as the number of units and site layout, but they are redoing the architecture,” said Kevin Wronske of Heyday Partners.
Wronske said the partnership will take the proceeds from the sale and invest them in three other projects in Northeast L.A. He declined to say where those projects are located.
The 19 Eagle Rock homes will be built under the city’s small-lot subdivision ordinance, which allows builders to construct more single-family homes on available lots. Heyday took advantage of the ordinance when it built an earlier Eagle Rock development, Rock Row, a 15-home project that sold out in one month.
Heyday’s Ellenwood project once served as the site of about half a dozen bungalows. Those bungalows were intentionally set on fire earlier this year as part of the filming of an episode of the HBO series True Blood.
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{ 2 comments… read them below or add one }
It’s so depressing to think about those sweet houses getting burned for nothing, and the possibility of gross modern stuff being built in their place. Traditional design or not, I am wary of all development.
Too funny!!!! People, the economy is about to tank again!!!!! If you thought the financial woes of 2008 was bad, just wait. Actually, it’s already here.