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:
Michael Feinstein’s Los Feliz mansion is on the market for $26 million. The City Council has finally approved regulation of short-term rentals – sort of. And a 43,000-square-foot mixed-use campus is headed for Highland Park, three blocks from the train station.
Real Estate Roundup
The City Council backed a set of regulations to limit the use of short-term rentals after years of debate. But the rules are still subject to further review and council members asked city staff to look at more potential changes to the ordinance. As it stands now, property owners could offer only their primary residence as a short term rental for a limited number of days a year. One council member said it would be another four months before the council would take a final vote on the matter. L.A. Times
Permits have been lined up for Phase II of construction at the Cielito Lindo apartments, according to The Real Deal, which ranked the affordable housing project as Number 5 on L.A.’s five biggest construction projects approved in April. A new, four-story building is to have 29 units, 28 of which are for low-income residents. The first phase of Cielito Lindo opened last month with 50 units in the 2400 block of E. 1st Street.
A proposal that would pave the way to build four new single-family homes at Alvarado and Fargo streets is scheduled to be reviewed bythe land use committee of the Echo Park Neighborhood Council on Tuesday, May 8. The property owners are seeking to carve a 20,000-square-foot hilltop lot with an existing residence into four separate single-family home lots. The same request will be reviewed during a May 24 public hearing.
Urbanize has renderings of a 52-unit live/work development in the 1900 block of Blake Avenue at the L.A. River. The development – designed by KFA Architecture – would have a pair of three-story buildings with a mix of studio, one-, and two-bedroom apartments. A central courtyard would run between the buildings, which would be connected by bridges. A staff report to the Planning Commission recommends approving the project.
A 101-year-old church in the 2900 block of Eagle Rock Boulevard is on the market for $2 million, according to Redfin. The former Vida Nueva church with stained glass windows, two auditoriums, meeting rooms and kitchen could be used as an event space, school or be developed into seven separate units, according to the listing description.
What does it take to start a small farm in Los Angeles? In Andrew Raffaele’s case, it takes 1.25 acres of vacant land at the end of Loma Lada Drive. Raffaele and his wife, Lindsay, are starting Orto Farms just south of Walnut Canyon, The Eastsider reports. And though he said the area is already zoned for agriculture and would not require special city permits, Raffaele has nonetheless started a petition of support.
A 43,000-square-foot mixed-use compound is being planned for a site three blocks from the Metro Gold Line station, according to a document filed with the Planning Department. Planned for 6040 North Figueroa, the project would include a three-story building with 1,200 square-feet of retail space, 8,500 square-feet of joint live/work quarters and 6,900 square-feet of covered parking. Filling out the rest of the space would be a five-story building with 14,000 square-feet of joint live/work space and 3,000 square-feet of covered parking. Two small warehouses that are currently on site would have to be demolished. The Eastsider contacted architect Alice Fung of Fung + Blatt Architects for more details.
The six-bedroom mansion owned by musician Michael Feinstein and husband Terrence Flannery has gone on the market for $26 million, according to Curbed. Located just below the Griffith Observatory, the home features a movie theater, fitness room, wine cellar, recording studio, music room, several fireplaces, a scalloped swimming pool and a guest house. The architect of the 1926 home was Harold S. Johnson, who also designed Pasadena’s Trinity Lutheran Church. Feinstein purchased the home for $2.1 million 20 years ago.
The neighborhood stands to gain another historic landmark. The Cultural Heritage Commission voted in favor of declaring the Sabsay House in the 2300 block of N. Silver Ridge Avenue as a cultural-historic monument. The one-and-a-half story, single-family home serves as an “excellent” example of International Style architecture, according to a Planning Department staff report and recommendation. The 1941 residence features “horizontal orientation, unadorned smooth wall surfaces, a flat roof, windows arranged in bands … and an overall absence of ornamentation.” The Sabsay House was designed by noted modernist architect J.R. Davidson and later remodeled by one of the masters of Modernism, Rudolph Schindler.
Hoover Street is attracting new shops and energy to the south end of the neighborhood. While Hoover still remains relatively sleepy, the street’s profile began to rise when Cafecito Organico opened a coffee house at the corner of Hoover and Bellevue Avenue in 2010. Now new businesses are popping up in a short strip of one-story storefronts and commercial buildings in what is primarily a residential area. The Eastsider
A small-lot development is headed for the 700 block of Parkman Avenue, with plans for nine Spanish Colonial Revival-style homes, according to Urbanize. WJK Development is behind it, and told Urbanize their project should hit the market in late summer 2019, selling for $1.15 million and $1.25 million.
On The Market
That’s it for this issue of Real Estate Monday. We will be back next Monday.
— Barry Lank & Jesús Sanchez
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