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Tuesday, September 27, 2016

Will Glassell Park developer turn a pit into a goldmine?

It’s been more than two years now that construction came to a halt on a 114-unit condominium project in Glassell Park, leaving a giant pit filled with weeds, water and rusting steel columns.  But, in a few months, this hole wedged between Eagle Rock Boulevard and the 2 Freeway near the Verdugo Road exit will be filled in and construction will begin on a 52-unit project called Glassell Park Townhomes.  Who is going to pay as much as $500,000 for a condo wedged between a freeway and a busy street? Developer Charlie Tourtellotte and his partners are betting $25 million that there will be plenty of takers interested in living in new, centrally located housing. In fact, in a sign that more development is headed this way, Tourtellote and partners are scouting out other nearby sites to buy and build upon.

“Our preference is to be investing in infill locations,” said Tourtellote of TAAG Investment Management, which specializes in buying and finishing failed and uncompleted projects.  “We feel like the demand is more significant because [Glassell Park and surrounding neighborhoods are] closer to employment centers.”

Tourtellotte’ partnership, which purchased the property nearly a year ago, has proposed building a significantly different development than the one that failed on the same site. Not only does it have fewer units, Glassell Park Townhomes will rise three stories instead of four and parking will be located adjacent to the units, not underground.

The new project also does not include storefronts or affordable units reserved for low or moderate income residents that were part of the older development.  Tourtellote said the firm could not afford to build the affordable units in light of the reduced density and storefronts “didn’t make economic sense” given the weak economy.

The Glassell Park Improvement Assn. has given the townhouse project its conditional support as a way to finally clean up the eyesore and complete the project.

“That section of Glassell Park has been in desperate need of attention,” said Helene Schpak of the association. “It’s near what was  the center of the old community. This could end up being a very nice project.”

Tourtellote said the plan for now is to start construction on Glassell Park Townhomes late this year, with construction completed about a year later. The units, which will be priced from the high $300,000s to the low $500,000s, will range in size from 2-to-4 bedrooms. He notes that will make the units larger and lower prices than the recently completed Oxy Lofts, another Eagle Rock Boulevard development located further north in Eagle Rock. Oxy Lofts had to chop asking prices more than $100,000 to try and stimulate sales.

Tourtellote said he does not see the project’s location next to the 2 Freeway and busy Eagle Rock Boulevard as a turn off to buyers. “We see that as a real plus. They will have easy access on and off” the freeway.

Top rendering courtesy Encore Eagle Rock LLC



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8 comments

  1. If this developer is interested in infill development, he should take a look at the eyesore on Colorado Blvd. where the 134 exit is, with the horrible cement pillars rising into … nothing. Now there’s a site that needs development!

  2. 500,000 in glassell park, really!! Who will pay that. Wiith gunshots everyday and heavy eagle rock blvd traffic (not to mention he victory outreach gangsters down the street). Maybe 50,000.. But 500,000 somebodies been smoking the meth and crack that is sold on drew st.

  3. I got dough to buy these righteous condos. I can flip them into drive-thru dope spots. You know what I’m saying…

  4. @ Jesus and KingPin, if no one takes interest in the community an influx of money wont occur. Ignorant comments like yours also deter others into bringing disposable income into the area. The prices are definitely comparable to the $600,000 and $7000,000 homes just behind Rite Aid and the Post Office on Eagle Rock Blvd. I agree that a lot of people may not be drawn to buy right next to the freeway entrance but look at the real estate buying trends, a lot of people want to live in Eagle rock but there’s not many homes for sale in Eagle Rock so this may be a more affordable solution to the growing North East population.

  5. Common Optimism

    I would have liked to see a commercial project for that location wedged between the 2 Freeway and Eagle Rock Blvd.
    It might be a good idea to develop the commercial potential of Eagle Rock Blvd from Colorado down through Glassell Park to the Cypress Avenue X San Fernando Rd. Intersection. We need to cultivate healthy long-term commercial optimism for Glassell Park. Why isn’t there a bank branch for the GP…???

  6. Raped and left for dead......

    I am sure glad that the local people from Glassell Park kept McDonald’s off this property a few years back, that and some other insane car wash and lube rack were going to be put up. McDonald’s fled the area when they were denied. Then the previous design did a flop when the economy tanked. We can only hope that the new plan gets built and someone buys the units to live in and enjoy the area. It is actually a pretty good location. It needs a few more local restaurants etc (NOT McDonalds) Other issues locally are the Triangle Motel and some other wacky establishments. The area in question is a leftover from when Verdugo and Fletcher used to terminate there before the 2 freeway landed on the area, Verdugo and Fletcher used to come to a point here, hence the name “Triangle Motel” when it used to be on a “Triangle”
    I hope the new places are nice and the area gets fixed up a bit.

  7. I wonder how this will impact traffic going south on Eagle Rock Blvd near the entrance to the 2 north?

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