Eastside Real Estate & Development News
A prospective land buyer in Monterey Hills wants to know if 100 condos can be built on the property. Yet more new construction is underway at USC’s Lincoln Heights campus. And a 5-story residential project is in the works for Cypress Park. Read on for details.
Real Estate Roundup
A 5-bedroom Carroll Avenue Victorian that went up for sale last month for $1.69 million has sold for the asking price. The Queen Anne-style Angelino Heights home was built in 1895 and is Los Angeles Historic Cultural Monument #189. The home was designed by architect Joseph Cather Newsom, who along with his brother, Samuel, designed elaborate homes in the Victorian and other period styles in Southern and Northern California.
A five-story mixed use building could replace two small commercial buildings at 3547-3585 N. Figueroa Street, Urbanize reports. Plans have been filed for a building with 55 units and 7,379 square feet of ground-floor retail space. This would be two blocks north of the Gold Line’s Heritage Square Station.
A mixed-use apartment building is being proposed for the corner of Lexington and Vermont, Urbanize said. A six-story building with retail space and 29 apartments would replace a single-story commercial building, according to plans filed with the Department of City Planning. The project is estimated at $8 million, and is scheduled to begin in Summer 2020, Urbanize said.
Ground has been broken on another development at the USC Health Sciences Campus, Urbanize reports. Grading and shoring activities have begun at 1630 N. San Pablo Street for a six-story building with 95 units of graduate student housing and 10,000 square feet of ground-floor retail space. It’s expected to be done in late 2020. This is in addition to the 200-room Hyatt House hotel, which is also under construction.
A hundred condominiums may be in the cards for 4500 E. Via Marisol, as the prospective buyer looks over the 12-acre site, The Real Deal reports. Paperwork has been filed with the Department of City Planning to begin determining whether the condos are feasible. The sale of the property has not closed yet, however. It’s currently listed on Loopnet for $700,000. Monterey Hills is already home to about 1,700 condominiums built as part of a master-planned community.
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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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