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:
Some Los Feliz Village merchants are blaming a lack of parking for a turnover in restaurants and retailers. Overhauling the Glendale-Hyperion bridge is going to cost more than everyone thought – and take longer to finish. And there’s new housing headed for Highland Park, Lincoln Heights and Silver Lake.
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Real Estate Roundup
The overhaul of the landmark Glendale-Hyperion bridge connecting Atwater Village and Silver Lake is going to cost more than originally estimated and be completed well beyond the initial schedule. Now, work is is scheduled to begin in April 2020 and cost $62 million to complete. The Eastsider
A proposal to create a new riverfront park while rebuilding a city-owned maintenance yard and office compound would take a decade to complete and cost $312 million if approved, The Eastsider reports. That’s the timeline and price tag for remaking the nearly 25-acre Central Service Yard, which is the main administrative and maintenance center for the Department of Recreation and Parks.
2018 has started off strong for million-dollar sales. So far 10 homes have sold for seven figures, according to Refin. The latest million-dollar sale is a 3-bedroom Craftsman north of Colorado Boulevard that sold for $1.350 million — $150,000 above the asking price. The other million-dollar sales include a 107-year-old fixer-upper and the record-breaking $5.25 million purchase of the Bekins estate.
Wiseman Development has returned to the City Planning Commission with a revised plan for a new apartment building that would replace a single-family home at 4749 W. Elmwood Ave., Urbanize reported. The new building would have four stories and 14 units, with one apartment set aside for very low-income households as well as 20 parking spaces in a basement level. An earlier design had been criticized for its ground-level garage entrance and lack of landscaping around the perimeter.
Metro’s board voted in favor of pursuing more modest changes to the 710 Freeway for now instead of widening the roadway to deal with heavy truck traffic. Widening the freeway would cost $6 billion and displace about 400 residents and 158 businesses. L.A. Times & My News LA
The Eastsider takes a closer look at the details, design and size of the approximately million-square-foot development that would replace the former Metropolitan Water District campus just east of Echo Park. Plans include a 49-story skyscraper, a hotel, shops, restaurants and nearly 800 residential units for the 1100 block of Sunset Boulevard. The Eastsider
Building permits have been issued to construct four, 4-story townhomes at 812-814 Chestnut Avenue. Plans show the 1,690-square-foot single-family homes will be constructed in a row alongside a single driveway. Each house will rise above a 2-car garage.
Nine new small-lot houses will be sprouting up in a vacant lot in the 2800 block of N. Griffin Avenue. Urbanize reports the single-family residences – designed by Tighe Architecture – will have gabled roofs and will be arranged around a common driveway.
It’s hard for stores to stay open in Los Feliz Village despite all the foot traffic. The Los Feliz Ledger has found eleven storefronts along Hillhurst and Vermont avenues and Hollywood Boulevard that are empty or being renovated. Storeowners said that a lack of parking is putting a strain on their businesses.
Eleven single-family, small-lot residences are going up just south of Sunset Boulevard, Urbanize reported. Replacing an old duplex and fourplex, the collection of new three-story buildings on the 800 block of N. Coronado Street are to be set around a common driveway.
A Highland Park “fixer” duplex designed by Mid Century architect Allyn E. Morris sold for $750,000 or $51,000 over asking, according to Redfin. Morris designed numerous homes and apartments in Silver Lake and Echo Park. A 1956 Morris-designed home in Glassell Park sold for $1.75 million in 2016.
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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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