ECHO PARK — It’s been a few years since any new housing has been built along Sunset Boulevard in the central part of Echo Park. The last new project, the Sunset 5 at Sunset and Portia Street, was built more than five years ago, with no other new development taking place. But, as property values and rents have risen, a double lot next to the Sunset 5 has hit the market at an asking price of $2.85 million, with the LoopNet listing promoting it as an “ideal potential apartment, condominium or mixed-use development site.”
The the nearly 13,000-square-foot property is currently occupied by a group of apartment units and a home, with one of the structures dating back to 1902, according to online property records. The nearly $3 million asking price might seem steep but the listing says the property’s high-density zoning makes for a “redevelopment opportunity.” Says the listing:
Echo Park is undergoing a resurgence that rivals any in the Los Angeles area. The property is in a prime location just east of Echo Park Avenue and west of Dodger Stadium. This prime Echo Park location is walking distance to Echo Park Lake and Sunset/Alvarado.
Is this section of Sunset Boulevard ready for new homes or will it be several more years before any development takes place?