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:
The cheapest Boyle Heights home now for sale will put you in the shadow of the 4th Street Bridge. Talk about a Starbucks in Cypress Park is now more than just talk. And a 100-unit residential complex in Silver Lake would replace three existing buildings — and add to the Sunset Junction development boom.
Real Estate Roundup
The cheapest home currently on the market crouches right next to the 4th Street Bridge. If you’re the real estate agent, how do you sell this 79-year-old, 1-bedroom? In the case of this property, by describing the bridge as a selling point. “One of a kind location,” the listing accurately points out. “Right next the famous Fourth Street bridge where countless movies have been filmed.” $350,000.
It’s Official: Building permits have been applied for to convert the former Burger King at 3241 N. Figueroa St. at Cypress Avenue into the neighborhood’s first Starbucks. This includes an ADA upgrade, outdoor seating and re-striping the parking lot. Plans for the Starbucks first emerged in February after the Burger King had already been closed and boarded up for a few months. Two former BK drive-thrus — one on Soto Street in Boyle Heights, the other on Marengo Street in Lincoln Heights — have also been converted into Starbucks in recent years.
East Los Angeles
A new mixed-use affordable housing complex is going up at the southeast corner of Whittier Boulevard and Downey Road, Urbanize reports. Non-profit developer Meta Housing Corporation is working on a four-story building featuring 71 rental apartments – a mix of 1-, 2-, and 3-bedroom units – with about 3,400 square-feet of ground-floor commercial space. The apartments are to be set aside for households making between 30 and 60 percent of the area median income.
Technicalities are being worked out to develop a 17-unit small-lot development at 4035 N. Eagle Rock Blvd. It would allow for commercial uses in three of the units.
Ground has now been broken for four new houses on a hillside at 1414-1450 Eaton Terrace, each with three bedrooms and a 2-car garage, Urbanize reports. The project is called Eaton Park, developed by Barth Partners.
A proposed 100-unit residential complex at 1201 N. Myra Ave. near Fountain Avenue would mean demolishing a residential triplex, a single-family home and an auto repair shop. The new building would be 87,524 square-feet, with five levels of residential units over one floor of ground-level parking and one level of underground parking. The Real Deal reports that the developer is California Landmark Group, which paid $3.38 million for the property. CLG is seeking to reduce the required open space by 25% in exchange for building less than half a mile from the Vermont/Sunset Metro station. It also wants to increase the height of the building from beyond the existing 45-foot limit to 67 feet.
The CLG project is a short walk away from where another developer has been in the process of seeking approvals for two large apartment buildings and a hotel in the Sunset Junction area.
A former church and commercial space at the corner of Sunset Boulevard and Golden Gate Avenue is being remade into a retail center called Sunset Gateway. Loopnet is promoting four retail spaces in the Sunset Junction property. The group behind it, Engine Real Estate, has also been involved in several projects with older buildings, including the former Frank’s Camera Building and Mr. Holmes Bakery in Highland Park and an apartment building at 1461 Sunset Blvd. in Echo Park.
A 15-unit apartment building is being proposed for 833 North Hyperion. It would be 4-stories of apartments over one level of underground parking, with 15 spaces.
Twelve small-lot homes are being developed for the intersection of Marathon Street and Silver Lake Boulevard, Urbanize reports. Each three-story structure would feature a private patio and a two-car garage, arranged around a common driveway. Funded by RSE Capital Partners and developed by P Joseph Development, each Spanish Colonial Revival home would have three stories, each with a private patio and a two-car garage. The units are to be arranged around a common driveway.
On The Market
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That’s it for this issue of Real Estate Monday. We will be back next Monday.
— Barry Lank & Jesús Sanchez
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