The first batch of homes in SL70, the townhouse project now under construction on the border of Echo Park and Silver Lake, is scheduled to go up for sale starting this week, with prices ranging from $599,000 to $699,000, according to the developer.
Construction of the 70-unit project, which is located where the southern tip of the 2 Freeway meets Glendale Boulevard, began several months ago, and now some of the first modern-style units are sporting splashes of yellow, brown and other colors. “The colors chosen are bold and bright, which we believe our buyers will appreciate and enjoy,” said Mark Higgins, marketing and sales chief for Trumark Homes.
Built under the city’s small-lot subdivision ordinance, the development’s three story-story homes will range in size from 1,200 square-feet to 1,500 square-feet, with some units crowned with roof-top decks. Sales are expected to begin Wednesday, May 14. Higgins said he believes most of the buyers will be persons who currently rent in Silver Lake, Los Feliz, Echo Park and other nearby communities. “We anticipate a mix of couples, singles and small families.”
But SL70 will be competing with several other nearby new developments, including projects in Echo Park, Silver Lake and Glassell Park. Despite all the new construction, Higgins said the number of new homes in the area is still relatively low. “Considering the lack of new construction over the past several years, we feel there are more prospective buyers looking for homes than there are homes for sale,” said Higgins.
The project is freeway-close, which in this case means right next to the southbound exit of the 2 Freeway and busy Glendale Boulevard, which prompted the developer to include plans for a “long privacy wall” to help shield residents from the traffic.
Higgins is making no excuses about the site, which a century ago served as the home to L.A.’s first permanent movie studio. “It is what it is and our local buyer wants to live in this Silver Lake/Echo Park neighborhood,” he said. “There are limited areas for building to occur and this was a site that has been vacant … and will benefit from this much needed transformation along Glendale Blvd.”
The first phase of homes will be completed and ready for move-ins Fall of 2014. The entire project will be completed in late 2015.