Saturday, October 22, 2016

Mariachi Plaza storefronts up for grabs


Eastside PropertyBOYLE HEIGHTS — A strip of First Street storefronts across from Mariachi Plaza has gone up for sale in an area where growing signs of development and gentrification have stirred up opposition.

The owner of the nearly 9,000-square-foot property–which includes two restaurants, three apartments and several shops, including the House of Trophies — is asking $1.55 million for the site, according to LoopNet. The listing says all the tenants are on a month-to-month lease with a “Large Upside To Higher Rents.”

The strip of stores and restaurants face Mariachi Plaza, which anchors a stretch of First Street that has attracted new shops and restaurants and has seen several spaces come up for lease. The plaza, however, is also ground zero of the neighborhood’s gentrification tensions. Last month, Metro backed off plans to build a $49 million office and retail center immediately next to the plaza in the wake of intense opposition from residents.

Some opponents feared that the project would displace several small shops located on the north side of the plaza on land that would be purchased as part of the proposed office and retail center.  The First Street storefronts that are now up for sale, however, are located on a separate property located to the south of the plaza.

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  1. I hope un solo sol doesn’t get priced out… there’s not a lot of veggie restaurants on the eastside and that place is pretty damn tasty!

  2. That rent for Cerda’s is insane. $0.44/sqft/month. Prospects for a trophy storefront look dim.

  3. pretty expensive for the rents they’re getting, doubt they’ll get that price. But someone smart with a good grasp of authenticity could really make something spectacular with this property. It’s basically the gateway to BH. New generation assemble and Gentefy!

  4. The property is not actually for sale at that price. The owner is looking for an exchange property and won’t sell until he finds one (which, for these long-term owners, often means “never”).

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