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 95-unit dorm is in the works for USC’s expanding health science campus in Lincoln Heights. Mariachis and other tenants in Boyle Heights have a rental deal that could keep them from being priced out of the neighborhood. In Atwater Village, two community groups have come out against a 419-unit apartment complex next to the L.A. River.
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Real Estate Roundup
Starbucks stores continue proliferating like mice, as one prepares to open in Echo Park at Sunset Boulevard at Mohawk Street while another claims the site of a former Burger King in Cypress Park at Figueroa Street and Cypress Avenue.
A 419-unit apartment complex next to the L.A. River on the border of Atwater Village and Glassell Park is being opposed by the Friends of the Los Angeles River and Clockshop, an arts group that stages events next to the apartment site. The groups sent a letter saying the project would “substantially impact surrounding residential communities, neighboring state park projects, and long-established river restoration efforts.” Curbed L.A.
An agreement has been reached between renters – several of them mariachis – and the landlord of a Boyle Heights apartment building over a sharp rent hike, KPCC reports. Tenants now will face much smaller increases and will have some back rent forgiven as part of a legal settlement with the landlord who wanted to raise rents by as much as 80%.
A $6 billion proposal to widen the 710 Freeway between Long Beach and East Los Angeles would displace more than 400 people who live in 109 homes next to the freeway. In addition, 158 businesses would have to also find new locations. The recommendation to add a lane in each direction to ease truck traffic congestion received the backing of Metro staff and is scheduled to be voted on by Metro’s board next month. L.A. Times
After digging a big hole, construction crews have begun working on the steel and wood frame for a four-story apartment building on Sunset Boulevard just east of Alvarado Street. The 36-unit building with underground parking will be shaped like a trapezoid to fit into an odd-shaped lot. Building permits were issued to Debora Nassirzadeh of B. Raeen Construction to build the $5.9 million apartment building. No word yet when construction will be completed.
Grading is underway for a new 12-home development on the hillside below Sargent Place and next to Bruce Court. The project has been in the works for more than a decade. But development stalled during the recession and the property changed ownership. The current developer, Planet Home Living, is familiar with the neighborhood, having been involved in projects on Douglas Street and off of Allesandro Street. The firm is nearing completion of a new development on Lake Shore Avenue.
Changes are in store for Par Paint, the neighborhood’s long-time paint store. The owners of the building at 1632 Temple have been granted permits to convert the warehouse-like building into two retail spaces. Par Paint will give up some space but will remain at the same location, said Cyrus Farooqi, who runs the store. It’s been about a decade since Par Paint moved to its current location after operating at the corner of Sunset and Lemoyne since 1949.
Urbanize LA observed concrete pillars sticking out of the ground in the 1900 block of W. Temple Street as a 200-unit residential project continues taking shape. The Alexan South Echo will be a six-story building that includes 22,000 square feet of ground-floor retail space and basement parking. The studio, one- and two-bedroom units are expected to be offered at rates of between $1,700 and $3,900 a month.
Three months after they started dating, Ellen Bennett and Casey Caplowe began the daunting task of designing a home in Elysian Heights after the bungalow Caplowe purchased was destroyed by fire. The result is a residence that offers modern design features — and a pet pig named Oliver. Architectural Digest
A 95-unit dorm for USC’s health science campus is being proposed by American Campus Communities, America’s largest dormitory developer, according to Urbanize LA. Plans have been filed to build the 134,000-square-foot structure near San Pablo Street and Valley Boulevard, across from Lincoln Park. The graduate student dorms are part of a much larger plan to add more student housing, a hotel and medical and research facilities to the campus.
Two Silver Lake homes — one considered a masterwork by architectural legend Rudolph M. Schindler, the other an uncelebrated duplex designed by a contractor no one has ever heard of — have been nominated to become city historic landmarks, according to The Eastsider.
A former church converted into six apartments in the 900 block of Hoover Street is now being sold at an asking price of $3.2 million. It’s the same 1926 building where every apartment came with its own patron saint.
A 45-unit condo development called The Terrace will hold a grand opening this weekend, with 3-bedroom units priced from the $800,000 range to more than $1 million. Victor Heights is the densely packed community wedged between Echo Park and the 110 Freeway. It’s the same neighborhood where a developer wants to build a million-square-foot residential and commercial project along Sunset Boulevard.
A 3-bedroom unit sold for what appears to be a record-setting price for a condominium in Hermon, according to Redfin. The $535,000 condo at 6221 Monterey Road includes two bedrooms and two baths in nearly 1,500-square-feet of space. It’s the same building where a unit sold for $508,000 last year.
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That’s it for this issue of Real Estate Monday. We will be back next Monday.
— Barry Lank & Jesus Sanchez
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