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Thursday, July 31, 2014

Eastside Property: 69-unit Echo Park apartment site up for sale

Echo Park, development, real estate

Rendering of 69-unit apartment complex at Temple and Union/PSL Architects

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.

Echo Park, real estate

Belmont Avenue view of proposed 69-unit complex/ PSL Architects

One comment

  1. The grab, entitle and flip development cycle is not the way to make quality housing and good community development. We are facing one such entitlement mercenary in our neighborhood of Elysian Valley. We don’t just want drawings and plans that can move through City process- we want relationships and commitments we can trust long term.

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