Eastside Real Estate & Development News
Welcome to a digest of Eastside real estate news, development and people. In this week’s issue:
Something may finally be built on a property that has sat empty for about 40 years near the Vermont/Sunset Metro Station. A site in Los Feliz is being eyed for a homeless shelter. And we finally get a look at two large developments going up along Sunset Boulevard.
Real Estate Roundup
Plans for an affordable housing complex on Colorado Boulevard are moving forward, with a motion by 14th District Councilmember Jose Huizar to issue $14.1 million in bond financing, Urbanize reported. The project, Colorado East, would cover nearly 15,000 square-feet at 2451 Colorado Blvd., replacing two buildings from the late 1940s. The four-story building would have 40 residential units priced for families making 30% or less than the area median income.
A property that has been empty apparently since at least 1980 may be getting an eight-story mixed-use project, Urbanize reported. An application has been filed with the Los Angeles Department of City Planning to clear the asphalt at 1225 N. Vermont Ave. for construction of a 58-unit apartment complex, with 3,245 square feet of ground-floor retail space. The .29-acre site has been used as surface parking, apparently as far back as 1980, Urbanize said. A smaller building – five-stories, with 24 units and retail – was previously approved for the same property, but never went up.
Renderings have been revealed for two residential developments planned along Sunset Boulevard, according to Urbanize. The project at 1251 Sunset Blvd. is to have seven stories and 70 apartments, replacing a 1920s bungalow court. The other project, just a few doors down at 1275 Sunset Blvd., is slated for eight stories with 77 residential units.
Two city properties in Los Feliz are being eyed for temporary homeless housing – and, surprisingly, there’s been little backlash (as yet), according to the Los Feliz Ledger. City Councilmember David Ryu is looking at 3210 and 3248 Riverside Drive near the landmark William Mulholland fountain and across from the Griffith Park Recreation Complex and Friendship Auditorium.
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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