Eastside Real Estate & Development News
A round up the latest real estate news.
The days may be numbered for the giant Sears store that has loomed over Soto Street and Olympic Boulevard for more than 80 years. The L.A. Times reports that Boyle Heights store is one of 10 Sears stores that are currently being offered for lease by JLL, a real estate services firm working for Transformco, the company that owns Sears and Kmart.
Three one-unit buildings on Cummings Street would be replaced with a new four-story, 18-unit building, under plans filed with the city. USC Village Properties is developing a complex called the Cummings Residences, on 1039-1041 N. Cummings St. near L.A. County-USC Medical Center. Two units would be set aside for extremely low income families.
A former LADOT field office near the Vermont/Beverly Metro station could be the site of residential construction, Urbanize reports. City Councilmember Mitch O'Farrell of the 13th District has introduced a motion to investigate how the city-owned parking structure at 411 N. Vermont Ave. might be turned into permanent supportive housing, mixed-income housing, ground-floor commercial space, or other uses. The motion would direct relevant departments to report back on potential redevelopment within 45 days.
Sixty-three units of supportive housing and a community cultural center are now planned for West Temple Street, according to a statement from the Council District 13 office. The existing, one-story building on 3200 W. Temple St., currently serving as offices for Search to Involve Pilipino Americans, will be transformed into HiFi Collective - a five-story, mixed-use structure, with SIPA’s new national headquarters in the ground floor, according to Councilman Mitch O'Farrell’s office. The new studio apartment homes are intended for people who have experienced homelessness. The ground floor will include a 2,700-sq-ft. multi-purpose space and professional grade kitchen, along with a business resource center named after John Eric Swing, the late community leader and SIPA executive director who died of COVID-19 in June.
That’s it for this issue of Real Estate Monday.
— Barry Lank