Eastside Real Estate & Development News
Welcome to a digest of Eastside real estate news, development and people. In this week’s issue:
Actress Kristen Wiig has sold a designer Silver Lake home for three times what she paid for. Businesswoman Dana Hollister has abandoned plans to transform a former Silver Lake church into boutique hotel. And Occidental College’s new York Boulevard arts center has space for up to two restaurants.
Real Estate Roundup
Actress Kristen Wiig has sold her 4-bedroom, Mid-Century house for $5,225,000 or $100,000 over the asking price, according to Redfin and Variety. That makes it Silver Lake’s most expensive home sale of the year. It’s also more than triple what Wiig paid for in 2014, when it went for $1.7 million. The architect, Albert P. Martin, was involved in major office, hotel and other commercial projects across the country while working for Howard Hughes’ Summa Corp and later at ArchiSystems International. He designed this 1952 home for his family on a 17,000-square-foot double lot with a view of the reservoir. The home has since been completely renovated.
A Silver Lake businesswoman is abandoning plans to transform the former Pilgrim Church off of Sunset Boulevard into a posh, 25-room boutique hotel with multiple restaurants and bars and a rooftop garden, The Eastsider reported. Dana Hollister has put her interest in the project up for sale after losing a costly legal battle to pop star Katy Perry and the Catholic church over a former Los Feliz convent. Sale of Hollister’s 40-year-lease on the property will help her pay off the millions of dollars she is required to pay Perry and the Archdiocese of Los Angeles in the wake of the Los court fight.
A developer is seeking permission to build a 27-unit mixed-use structure in the 900 block of Alvarado. Along the way, the developer also wants to make the building a little bigger than normally allowed – a 48-foot tall instead of 45 feet, and four stories instead of three. They also want to shrink the side and back yards. Three of the units would be set aside for extremely low-income households. Plans also involve demolishing two single-family dwellings on the site.
Occidental College is offering two restaurant spaces for lease in its new Oxy Arts Building on York Boulevard at Armadale Avenue. According to the listing on LoopNet, each space at the corner will be ready for tenants to start building out the spaces in January or February. Occidental will occupy the east portion of the building, which is intended to bring Occidental closer to the surrounding community.
Urbanize has renderings for a 370-unit residential complex near the L.A. River. the Glassell Park Residential Project is to rise on 4.8 acres at 2910 San Fernando Road, replacing a large warehouse on that site. The five-story building is to include 31 affordable units priced at the very low-income level.
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That’s it for this issue of Real Estate Monday. We’re taking off next Monday but will return after the holiday.
— Barry Lank & Jesús Sanchez
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