A Roundup of Eastside Real Estate and Development News
Welcome to a digest of Eastside real estate news, development and people. In this week’s issue:
A boutique hotel is now officially part of the plans for a big residential and commercial development in Silver Lake. Meanwhile in Highland Park, the cost of renting a council district field office will more that double amid neighborhood retail gentrification. And in Boyle Heights, plans are progressing on a 44-unit affordable housing project across from Mariachi Plaza.
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Real Estate Roundup
Renderings of a proposed Red Car Pedestrian Bridge that would be constructed adjacent to the Glendale-Hyperion Bridge were unveiled at a community meeting last week. The relatively simple span painted bright red would rest on existing concrete pylons that rise up from the river channel. The new bridge is part of a $62 million seismic retrofit and traffic improvement project for the Glendale-Hyperion span. Curbed L.A.
Plans to build a 44-unit affordable housing development on an empty lot at the corner of E. 1st street and Boyle Avenue are moving ahead, The Real Deal has reported. Azure Development is planning a 44-unit, five-story building with 8,000-square-feet of retail space for a cafe and laundromat, which once occupied the site. Last month The Eastsider reported that the city was preparing the groundwork to sell the site to the developer.
The school district’s plan to demolish 11 buildings at the Roosevelt High campus has generated debate among the school’s students, staff and alumni. The demolition is part of a $173 million renovation project. KPCC
The pace of construction is picking up on a 70-unit residential building at 1750 N. Glendale Boulevard, according to Urbanize L.A. The 70 units by Aragon Properties are to include 62 standard apartments, eight live/work units, and eight units of affordable housing. Work on the five-story project and a nearby 18-home townhouse project began last summer, The Eastsider reported.
Five single-family residences under construction in the 1600 block Preston Avenue are just about done, according to Urbanize L.A. Preston Row Homes – a new small lot subdivision along a private street – are three-story, 2,500-square-foot houses, each with a two-car garage. The development by 4Site Real Estate of Silver Lake was the subject of a 2015 story by L.A. Times columnist Steve Lopez over the family who was displaced by the project.
Owners of the Mohawk Collective are busy filling the shopping center’s remaining empty spaces on Sunset Boulevard near Alvarado Street. The collective is already home to The Habit Burger, Chipotle and Starbucks. Next up are a Verizon store, a food place called Larchmont Bungalow Cafe and Treat Medical, an urgent care center that will offer “modern wellness services within a relaxed environment,” according to the company’s Facebook page.
The cost of leasing Councilman Gil Cedillo’s Highland Park field office will more than double thanks to the revitalization of Figueroa Street. The lease on the approximately 2,000-square-foot corner office at Figueroa and Avenue 56 in the former Highland Park Masonic Temple expired at the end of December. The landlord is willing to renew the lease on the prime ground floor space for four years but the city would have to pay $8,772 a month or more than double the $4,303 (including maintenance fees) it currently pays, according to a city report.
“Retail space in the area is keeping pace with the residential real estate boom that Highland Park has experienced over the past five years,” said a market analysis. “As leases expire in the immediate area, landlords are increasing their price per square foot.” Without any suitable alternatives, the report recommends that the city pay the higher rent. Ouch.
It’s official: A hotel will replace one of three proposed residential buildings planned for the Sunset Junction area, said Curbed L.A. Developer Frost/Chaddock told Curbed they would file an application for a four-story, 94-room boutique hotel with restaurant space at 4000 Sunset Boulevard. It’s the same spot where they’d previously planned 84 residential units and space for offices. shops and restaurants. This switch had been under consideration since at least 2016. This is part of the Junction Gateway project, which still currently includes two residential complexes – with 91 units above ground floor shops at 4100 Sunset Boulevard, and 109 units with ground-floor shops at 4311 Sunset Boulevard.
The master plan will finally be updated for the future of the Silver Lake Reservoir and the Ivanhoe Reservoir, according to Curbed L.A. Though it may be hard to believe, the plan hasn’t been updated since 2000, well before the reservoirs were removed from the city’s network of water storage. The L.A. Board of Public Works has now approved the agreement between the DWP and the city’s engineering bureau, giving the bureau the go-ahead for the new plan.
The “Cantilever House,” a 3-bedroom home designed by Cara Lee and Stephan Mundwiler, sold for $2 million, according to Redfin. So far four Silver Lake homes have sold for $2 million or more this year.
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That’s it for this issue of Real Estate Monday. We will be back next Monday.
— Barry Lank & Jesus Sanchez
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