When home and apartment hunters can’t find what they like or afford in Echo Park and Silver Lake, some head south to look for more options. Now, it seems developers are doing the same. Sharp Capital, for example, said it plans to break ground on a 67-unit apartment complex on Temple Street in Historic Filipinotown. It’s one of several projects that have been announced or are currently underway along Temple Street in the Historic Filipinotown area south of Echo Park and Silver Lake.
Sharp’s $20 million apartment project would rise three-floors on top of a parking deck on what is now a vacant lot at Temple and Robinson Street next to the Western Exterminators building. Composed of one and two-bedroom units, the complex with courtyards, a community room and fountains is scheduled to be completed in early 2015, with two-bedroom apartments renting for about $2,300, said David Shophet of Sharp Capital.
While that rent may seem high for the area south of the 101, it’s an attractive rate for compared to similar apartments in central Silver Lake and Echo Park, Shophet said. “They are getting displaced from the heart of Silver Lake,” said Shophet of prospective renters.
Shophet and other developers are banking that those Echo Park and Silver Lake renters will end up on Temple Street. Shophet recently sold one development site at Temple Street and Union Avenue – a 52-unit apartment complex it bought out of foreclosure – to another developer that plans to complete the project. Meanwhile, less than a block away, 4 Site Real Estate has begun demolishing to make way for a new, 49-unit complex with swimming pool on Temple Street.
For developers looking to build relatively large projects, the Temple Street corridor is an attractive alternative to the neighborhoods north of the 101 Freeway because zoning allows more intense development in some cases and, as Shophet notes, the lack of steep hillsides makes it easier and cheap to build. While Temple Street may not attract much in the way of new stores and restaurants, Shophet says the street is an attractive place for residential projects.
“Temple over time will turn into a great residential corridor,” he said.