ECHO PARK — It may look like just a big hole in the ground but the owners of a triangular parcel of land on the southern edge of Echo Park are seeking to sell the site for $4.95 million only a few months after securing city approvals to build 69 apartments on the property.
The proposed, four-story development is one of several along Temple Street that have raised concern among nearby residents in this section of Echo Park, which is also known as Historic Filipinotown.
The owners purchased the lot at Temple Street and Union Avenue for $2 million about a year ago before putting it up for sale last month for $4.95 million – or a nearly $3 million mark up, according to a listing on LoopNet. The listing describes the project as being located in the “trendy Echo Park submarket”
The 69-unit project is one of at least three large residential projects planned for Temple Street in Filipinotown, which overlaps with sections of Echo Park. Construction is now under way on a 49-unit apartment complex on Temple between Belmont and Alvarado, and, a few blocks west, the home of the Derby Dolls roller derby team is also slated for the development.