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 former Highland Park drug store will become the L.A. outpost of a national ad agency. A patch of land has been cleared for more affordable housing in Boyle Heights near the Soto Gold Line Station. And the price of one house in Eagle Rock appreciated 73% in about nine months.
Real Estate Roundup
Property has been cleared for affordable housing near the Gold Line’s Soto Station, Urbanize reports. Two small buildings were demolished at 2423-2431 E. 1st Street as part of plans to build 28 units of affordable and supportive housing and 1,000 square feet of ground-floor commercial space. Developer East L.A. Community Corporation is building this project next to its Cielito Lindo Apartments, which opened earlier this year.
With one remodel, the value of a residential property appreciated by 73% in less than a year. A Tudor-style Eagle Rock home at 5136 Hermosa Ave., with a second house in the back, just sold for $1.75 million, $175,000 over asking. Only last November, the same property sold for $1,026,000. Details of what exactly got remodeled are unclear, but the listing for the 1924 property boasts of “period details throughout.”
Plans are now public for what’s being built on the site of the former Cha Cha Cha restaurant at the corner of Virgil and Melrose avenues. A listing on LoopNet shows renderings of a 24-unit apartment building with a ground floor restaurant space and patio seating. The owners are asking nearly $6,000 a month for the approximately 1,400 square-foot space. Cha Cha Cha closed in 2016 after 30 years of serving up Caribbean and Latino fare.
A proposed eight-room boutique hotel in the 1200 block of Sunset Boulevard is scheduled to be reviewed by the neighborhood council’s Planning and Land Use Committee on Tuesday, July 10. The project would require the demolition of three rent-controlled apartments and replace the 20-foot high existing structure with a 45-foot-tall building.
A new apartment complex near Dodger Stadium is scheduled to begin construction this fall, Urbanize said. The proposed seven-story building at 959 E. Stadium Way is to include 151 apartments, with a 246-car parking garage. The site sits across the 110 Freeway from Chinatown and is a short walk from ballpark’s Downtown Gate off the freeway. Rumors of an apartment complex on this spot have been active since 2015.
It’s surely an interesting sign for Highland Park that a New York-based ad agency is moving its L.A. office from Hollywood to the former Owl Drug Store on Figueroa. Chandelier Creative, whose clients have included Old Navy, Smart Water and Planned Parenthood, has been working out of the old CBS radio studios in the 6100 block of Sunset Boulevard. It has been praised by Ad Age as one of the 50 companies that “creatives would kill to work for full-time.”
The company announced it would open the new headquarters in the approximately 13,000-square-foot building on August 1. The agency hired a Parisian design firm to remodel the space, which they are looking to share with other firms. They also plan to open a Chandelier bookstore later on the year, with cultural programming and a salon series. The old Owl Drug Store closed last year after doing business there since 1934.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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