ELYSIAN VALLEY — The reopening of the L.A. River on Memorial Day for a summer of kayaking, fishing and hiking is a reminder of the channel’s potential to create a miles-long park and recreation zone in the middle of the city. But the revival of the river has also created a giant real estate opportunity in eyes of property owners and developers. As Mayor Eric Garcetti lobbies in support of a $1 billion plan to revitalize the river between Griffith Park and Lincoln Heights, developers and brokers are touting the potential of river-adjacent property, raising concern about rising rents and gentrification, says the L.A. Times. Joe Edmiston, executive director of the Santa Monica Mountains Conservancy, told the L.A. Times:
As things get more attractive, they get more expensive and then folks who live below the income line are impacted … Gentrification is the fundamental public policy issue that must addressed.”
Here’s a sample some of the L.A. River-adjacent properties that are now being developed or are up for sale or lease:
- A property owner has been seeking city permission to transform a 5-acre industrial site in Elysian Valley, the site of the former Bimbo bakery, into 220 homes.
- 56 residential units now under construction in Elysian Valley, with 450 feet of frontage along the L.A. River and pathway.
- 1.76-acre multi-family development site – “Frontage along the LA River with views of downtown L.A.” – now for sale in Lincoln Heights on North Avenue 18.
- A “Prime Los Angeles Riverfront purchase opportunity” in Elysian Valley on Clearwater Street is up for sale at $4.5 million.
- Elysian Valley building on Coolidge – “Perfect location to open first restaurant, coffee shop, etc. along the Los Angeles River bike/walking path” – available for for $4,900 a month.
View L.A. River Hot Property in a larger map