Eastside Real Estate & Development News
"Big Bang" TV star Simon Helberg has bought a Spanish Colonial in Eagle Rock while guitarist Nicky Panicci has sold a geodesic dome in Eagle Rock. Cypress Park got a peek at what's going to happen to the former Big Saver shopping center. And there's a proposal to build more affordable housing in Boyle Heights Read on for details.
Guitarist Nicky Panicci - best known for performing on Ben Harper’s 2003 album “Diamonds on the Inside” - has sold a half-acre compound for $2.262 million - about $560,000 above the asking price - according to the Los Angeles Times. The hill property includes not only a 3-bedroom/2-bathroom main house, but also a restored geodesic dome with panoramic views of the city. The dome has two fountains, three decks, a lava rock waterfall, and a circular meditation deck.
The wood frame is rising on a mixed-use, affordable house project - the second phase of the Cielito Lindo Apartments, Urbanize reports. The project at 2423-2431 E. 1st Street, just east of the Gold Line Soto Station, will have 1,000 square feet of ground-floor commercial space, parking, and 28 units of affordable and supportive housing. Rents will range from as low as $340 per month for a studio apartment to as much as $1,171 per month for a three-bedroom unit.
City Councilmember Jose Huizar has proposed requiring market-rate residential developments in Boyle Heights to set aside units for lower-income households, Urbanize reports. Though most of the rental housing in Boyle Heights are protected under city rent controls, the need for affordable housing continues to exceed supply. The proposal for what is called an "inclusionary zoning strategy" has been referred to the City Council's Planning and Land Use Management Committee for consideration.
The public has gotten a look at plans for the nearly empty shopping center that once housed Cypress Park's only major supermarket, The Eastsider reports. The renderings - presented by the developer and leasing agent at a recent neighborhood council meeting - show few major structural changes around the former Big Saver market. Instead, renovations include extensive interior work, such as a new electrical and air and heating systems. On the outside, the company plans to repaint the center, add new canopies and outdoor seating, update the parking lot and remove the red mansard roof that wraps around the building. The bigger question, remains unanswered: What new tenants are going to move in?
A development company called Node has purchased and remodeled two bungalow courts in Echo Park, Curbed reports - part of the “co-living” company's effort to develop properties that balance private living quarters with shared living areas and a more communal feeling. While L.A.'s classic bungalow courts seem perfectly suited for that kind of demand, Curbed notes that the courts have fallen to seed in recent years because of technical issues. Since they tended to rise between the 1910s and the 1930s, many courts are rent-controlled - and new bungalow courts can't be built from the ground up because of city parking minimums. Curbed says Node may be getting around this by turning the old courts into more expensive short-term rentals - with fully furnished bungalows among their portfolio renting for $3,000 a month.
Simon Helberg - aka Howard Wolowitz on the show "The Big Bang Theory" - has bought a restored and updated, early 1930s Spanish Colonial for just under $6.9 million, according to Variety. The 5-bedroom/5.5 bathroom, 4,000-square-foot residence sits on more than half of an acre - all of it above a cul-de-sac and hidden from view by trees and shrubbery.
Another of the two small lot developments along White Knoll Drive is taking shape, according to Urbanize, which also noted progress on the other project, across the street, the week before. At 1014-1020 White Knoll Drive, the frames of 17 small lot houses are taking shape - replacing three early 20th-century buildings. The finished homes are to be a mix of 3-bedrooms and 4-bedrooms, averaging 2,364 square feet. Urbanize also noted progress on the other project, across the street, the week before.
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That’s it for this issue of Real Estate Monday.
— Barry Lank & Jesús Sanchez