The Miami developer that recently acquired a planned 64-unit Silver Lake condo project has proposed shrinking the Rowena Avenue development down to 45 units, creating larger homes that might be more appealing to families interested in living near highly-rated Ivanhoe Elementary. “These units will be attractive to families because of the school,” said Justin Barth with the 15 Group, which acquired the site of the former Coffee Table cafe and adjacent buildings this summer.
Barth appeared before the Silver Lake Neighborhood Council’s urban design committee meeting on Wednesday night to win support for the reduction in density, which must ultimately be approved the city’s Planning Department. 15 Group can afford to eliminate nearly 20 units because it purchased the land at a lower cost than the previous owner, Piedmont Investment. In addition, officials noted that the scaled-down project does away with a costly, parking deck and creates three-story townhouses with attached garages, which are considered more attractive to buyers.
The members of the planning committee voted overwhelming to support the reduction in density but wants 15 Group to include a commercial space for a cafe or other commercial business.
If 15 Group pursues its current proposal, the size of the condos would average condo about 1,450-square-feet versus about 950 square feet under the plan now in place. The firm, which is also involved in a proposed 4,500-unit project in Boyle Heights and a smaller bungalow development in Echo Park, said the price of the Silver Lake homes would range from $500,000 to $600,000.