Eastside Real Estate & Development News
Welcome to a digest of Eastside real estate news, development and people. In this week’s issue:
El Sereno will be home to a giant LAPD warehouse. New tenants are lining up for a commercial development in Glassell Park. And a Mt. Washington post-and-beam sold for a record-high price.
Real Estate Roundup
Another large residential project is planned near the Vermont/Sunset subway station, Urbanize reports. An entity connected with Skya Ventures developers filed plans with the city for a seven-story building with 92 apartments, at 1317-1325 N. New Hampshire Avenue. This would replace two existing buildings on site – a duplex and a fourplex. The Real Deal identifies Skya Ventures as a “boutique firm,” and says it bought the lot last June for $1.8 million.
Among The Real Deal’s list of residential project proposals with fewer than 50 units is 642 3/4 N. Juanita Avenue. The applicants plan to replace two single-family homes with a 33-unit apartment building. The property was purchased last October for $2.43 million.
The Silver Lake Medical Center (located in in Echo Park) has been sold for about $85 million. The sale comes after the hospital’s parent companies, Florida-based Promise Healthcare and Success Healthcare, filed for bankruptcy protection last November. Part of the company’s recovery plan was to sell the Echo Park hospital and a sister facility.
The Los Angeles Police Department could have a large new warehouse and office on N. Marianna Avenue for storing evidence and equipment, according to plans reported in The Real Deal. Camfield Partners has filed plans with the city for a 80,000-square-foot warehouse on a vacant 6.8-acre lot at 1925 N. Marianna Avenue. The City Council has already approved a $28 million purchase and sale agreement with Camfield to develop the warehouse, and the city will purchase it when it’s done. The Real Deal says the LAPD will use it to store surveillance equipment and bait cars.
The renovation of a nearly block-long Spanish Colonial commercial building has attracted tenants planning to open a bar, microbrewery and a restaurant, The Eastsider reported, based on filings with the Planning Department. People connected with Bar Bandini in Echo Park — Michael Lippman and Joshua Weinstein — are seeking city permission to open a 61-seat bar with patio at 3507 Eagle Rock Boulevard. The owners would also like to operate the bar from 10 a.m. to 2 a.m. daily, which is longer than currently allowed. Meanwhile, next door in the same building, a microbrewery and restaurant are in the works, according to another Planning Department filing. The applicants seeking city approvals for the project are Archie Carey and Cyrus Eternad, according to the Glassell Park Neighborhood Council’s Planning & Land Use Committee. It appears that Carey is one of the founders of Highland Park-based Solarc Brewing.
A renovated post-and-beam style home sold for $2.18 million — the highest price paid for a single-family property in the neighborhood, according to Redfin. The four-bedroom, 4-bath home on West Avenue 46 sold for $285,000 over the asking price.
On The Market
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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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