Two Orange County developers have teamed up to build a 15-home, small-lot development on the southern edge of Eagle Rock called PR15M. That name is “pronounced prism” and reflects the number of homes in the development and the “modern architectural use of windows to bring valuable natural light to all three floors of each home,” according to a press release issued by Kraemer Land Company and Planet Home Living.
Construction on the project is scheduled to begin in January, with the first homes priced in the mid $500,000-range expected to be completed by the end of next summer. The parcel for the project at 4359 Toland Way was purchased in June of this year for $1.8 million.
Newport Beach-Planet Home Living has been active in Echo Park, where it has built or is in the process of building several projects that take advantage of the city’s small-lot ordinance, which allows developers to squeeze in more detached homes on a lot than would normally be allowed. Kraemer Land said it committed more than $2 million in debt for the project.
“We were attracted to Eagle Rock’s central proximity to Downtown Los Angeles, Burbank, Hollywood, Pasadena, Echo Park and Silverlake. The timing and economic status of the market makes it a prime time for this kind of investment,” said Brett Albrecht, President of Kraemer Land Company, in a statement.