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 East Hollywood movie theater that has been closed since forever is due reopen next year as a 1,200-seat music venue. A large Craftsman in Angeleno Heights has sold for a record high $2.1 million. And some Highland Park tenants say they won’t pay higher rents on apartments that don’t get properly repaired.
Real Estate Roundup
A 5-bedroom Craftsman just sold for $2.1 million – more than $300,000 over asking price, and apparently a record-high price for a single-family home in Angeleno Heights. Built in 1904, the 2-story house in the 900 block of W. Kensington Road was designed by the firm of noted architect Sumner P. Hunt, who also designed such landmarks as the Bradbury Building and the Southwest Museum. The approximately 5,000-square-foot home has 3 bathrooms, balconies and a two-story garage.
The former Campus Theater near the southeast corner of Vermont Avenue and Santa Monica Boulevard will be transformed into a music venue, according to Curbed L.A.. The former movie theater right across the street from the Vermont/Santa Monica Red Line station is to reopen next year as Vermont Hollywood – a 10,000-square-foot venue that can hold up to 1,200 people. Alexander Massachi, vice president of MCAP Partners, which owns the venue, told Curbed it will “become the gold standard for the ultimate concert and event-going experience.”
East Los Angeles
A mixed-use housing project has been proposed for the northwest corner of 3rd Street and Dangler Avenue, Urbanize reported. The L.A. County Board of Supervisors last week approved entering into negotiations with Azure Development. Azure plans to combine the County-owned parcels near the Maravilla Gold Line Metro Station with adjacent properties that are already controlled by the developer. The proposed development would have 76 residential units, 50 of which would be designated for households earning between 30 and 50 percent of the area median income. The ground floor would have 17,000-square feet of commercial space for medical offices, retail, and restaurants.
About half the tenants of the Avenue 64 Apartments have gone on a rent strike – complaining that rents were rising, yet repairs weren’t being done, according to CBS Los Angeles. One tenant told CBS a leak in the bathroom wasn’t fixed for months, causing mold to grow in the wall. The tenant said the company finally tried to fix it with a garbage-bag-like tarp with duct tape, but it still leaks. In the meantime, tenants said they were notified of rent hikes ranging from $500 to $700 a month starting this June.
After enjoying a no-cost lease for nearly twenty years, the city will have to start paying $5,200 a month if it wants to keep a hilltop LAPD radio transmission station operating, reports The Eastsider. The free rent ended after a new owner bought the 8-acre property for $1.6 million last year.
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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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