Eastside Real Estate & Development News
In this issue of Real Estate Monday: More housing has been proposed for a lot across from Taix Restaurant in Echo Park. 37-homes will rise on the same spot where a Glassell Park Mormon church was destroyed by fire. And an investment firm is offering a new way to get into the local real estate market in $10 increments. Read on for details!
A 49-unit mid-rise multifamily residential project is being proposed for 2001 W. Reservoir St., behind Taix restaurant. The site, currently used as a parking lot, is part of the six-story, 170-unit development that has been proposed for the Taix restaurant property across the street.
Curbed profiles Nico, a property management and real estate investment company that owns buildings in Echo Park and allows the public to invest in its small real estate portfolio for $10 per share, giving a preference to local residents. The goal is to make real estate more accessible in a neighborhood where gentrification has sent rents and real estate prices soaring over the years. “If people are going to make money on the gentrification of Echo Park, let’s have it be the people who have lived here for a long time instead of being squeezed out,” said one Nico investor.
Plans for 37 small-lot homes have been approved by a city zoning administrator for the 3800 block of Fletcher, abutting the Glendale 2 freeway to the south. This is the same site where a Mormon church was virtually destroyed by fire in 2015. The lot is 81,133 square feet - the result of merging eight parcels. But the project is limited to 46,372 square feet at the most, including at least 6,590 square feet of landscaped areas. It is to have 2,232 square feet of open space. Buildings are to be three-stories, 45-feet tall. Homes are to have private yards along the outer north and south perimeters of the development. According to documents filed in 2018, the project at 3845 and 3811 N. Fletcher Drive is replacing a parking area. It's being developed by CCA Fletcher Partners, LP in El Segundo and the Three6ixty company in Culver City.
Urbanize updates the progress on a live/work development at 2410-2412 Eads St. Framing has gone up on the four-story project, which is to have eight residential units over a ground-floor coffee shop.
That’s it for this issue of Real Estate Monday.
— Barry Lank & Jesús Sanchez