How about $10.25 million? That’s the asking price for slightly more than an acre (54,859-square-feet, to be exact) of Silver Lake real estate now occupied by Phil’ s Transfer & Storage and surrounding parcels at the corner of Silver Lake Boulevard and Dillon Street. The LoopNet listing promotes the property as a “development opportunity” suitable for apartments and other types of residential development. The sales pitch makes note of the area’s high rental demand and a 19% projected increase in rents by 2016. If that was not enough to get a developer’s attention, the listing also mentions that that Silver Lake was voted the nation’s “Best Hipster Neighborhood” by Forbes magazine.
A hipster-friendly development might attract more shops and cafes to the southern stretch of Silver Lake Boulevard but it could also generate opposition from residents who have already complained about smaller but numerous small-lot townhouse projects popping up across the neighborhood.