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:
TV star Caterina Scorsone has put up her Spanish villa in Silver Lake up for sale. New condos are coming to Lincoln Heights. Meanwhile, despite anti-gentrification protests, Boyle Heights seems destined for more dense development in “Flats” area.
Real Estate Roundup
A $155 million loan has been secured to refinance the Wyvernwood Apartments at 2901 E Olympic Blvd., which the developer has been seeking to knock down and rebuild, according to Boyle Heights Beat. Currently consisting of 1,175 units, the new complex is to comprise 4,400 units, with 300,000 square feet of retail, office and commercial space, and nine acres of publicly accessible open space. The developer, Fifteen Group, bought the complex in 1998, and announced in 2007 that it planned to convert the “1930s era-complex into a 21st century, sustainable community that increases the amount of rental and for-sale housing, retail, office, and commercial space in Boyle Heights.” Boyle Heights Beat noted that construction was supposed to have begun as early as 2010, but the plan met with resistance from residents who fear being displaced by the development.
Proposed new zoning in the “Flats” area would allow for more dense development and the creation of an “innovation district” that could trigger more change and gentrification concerns. L.A. Times
A building permit has been issued for an 81-room hotel near Soto Street by the 10 Freeway. It’s to be four stories over a ground floor restaurant/lobby, with a parking garage and basement parking. The building site, 2405 East Pomeroy Ave., is currently vacant.
Remember that one-bedroom bungalow that was the cheapest house for sale in the neighborhood last June? The 672-square-foot house in the shadow of the 4th Street Bridge just sold for $355,000 or $5,000 over asking.
Eighteen condominiums are being proposed for 1817 N. Sichel St., and the developer is asking permission to make them taller than usual zoning allows. Two of the condominiums are to be designated for very low income families. In exchange the developer is asking to construct the buildings 53-1/2 feet high, which exceeds the current 45-foot limit, and to have two side yard setbacks at six feet instead of eight.
Caterina Scorsone, best known for roles on the TV hospital dramas “Grey’s Anatomy” and “Private Practice,” has listed her 4-bedroom/4.5 bathroom Spanish villa for just under $2.6 million, according to Variety. The home is 3,032 square feet on a 5,117 square-foot lot. Variety reports that Scorsone and her husband, writer-musician Rob Giles, seem to be moving to Pasadena, where they recently paid more than $2 million for a hill-top Spanish fixer.
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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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