Eastside Real Estate & Development News
Welcome to a digest of Eastside real estate news, development and people. In this week’s issue:
Neighborhood activists are coming to the assistance of a Virgil Village Mexican bakery that needs to find a new home fast. Starbucks will be paying nearly $20,000 a month in rent to whoever buys the property where its new Cypress Park store is located. An apartment building project in Echo Park that has been sitting idle since 2011 is showing signs of moving forward.
Real Estate Roundup
A Craftsman from 1908 is listed for $1 million more than what the owner paid for it less than 20 years ago. The listing posted on Redfin says the 7-bedroom Arts & Crafts/Victorian has “original details throughout the house,” including a stained glass window at the top of the staircase, period light fixtures, and refinished hardwood floors. Plus there’s the sheer size of the lot – 12,000 square feet. It last sold in October 2001 for $515,000, and is now asking $1,575,000. Curbed L.A. reports the owner is an executive with WWE, and the house has appeared in several television shows, including ABC Family’s The Fosters.
Plans are afoot to replace two single-family homes in the 1600 block of E. Pleasant Avenue with a 34-unit apartment building. According to The Real Deal, this is the second multi-family project built in Boyle Heights by a company registered to Andrew Raitt, CEO of Verono Investments. Four of the units are to be set aside as “extremely low income affordable.” Because the site is so close to the Metro Gold line, developers are asking for Transit-Oriented Communities incentives, including a taller building and smaller backyard than is commonly mandated. Verona Investment is also currently working on a 30-unit apartment complex nearby at 3638 Percy St., The Real Deal said.
A gas station at the corner of Soto Street and Wabash Avenue plans to add an automatic carwash, and to convert an auto-repair area into a convenience store. The store also is apparently to replace an existing store, since requested entitlements include continuing the old store’s rights to sell beer and wine for off-site consumption.
An online petition is being circulated to help Super Pan Bakery win more time to find a new location after operating from the corner of Virgil and Monroe avenues for more than 20 years. The new landlord has given Elvia Perez and her family until the middle of this month to move out, said blogger and activist Jimmy Recinos. “They would like until the end of the year to be able to gather their things, which includes more than a score of bulky items, tables, and other belongings which take time to disassemble and relocate,” he writes on Jimbo Times.
Your opportunity to be the landlord of the new Starbucks here will only cost you $6.33 million. The land under the new coffee stop is for sale — not the business. Starbucks promises to pay the new owner around $20,000 a month rent, depending on the length of the lease, according to listing information. The property itself includes, among other things, brand new construction, a high-traffic location off of the 5 and 110 freeways, indoor and patio seating, 18 parking stalls, and an increasingly hard-to-find location that allows drive-throughs. Your new tenant also has a spot right across the street from Florence Nightingale Middle School, so they’ll automatically be getting business from the teachers.
Plans for an apartment building on a vacant Sunset Boulevard hillside may be coming back to life, according to The Real Deal. Dromy International Investment of Santa Monica is reviving plans for a 64-unit project at 2217 Sunset at Rosemont across from the 7-Eleven. The project has been in the works for nearly a decade and was approved by the Planning Commission in 2011. But nothing ever got built. The Real Deal reports that Dromy has now asked the city about how it can take advantage of a program that allows developers to build more dense projects in return for providing affordable housing. That means the company is either planning to develop the property or sell it someone else who will, said the Real Deal.
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That’s it for this issue of Real Estate Monday. We will be back next Monday.
— Barry Lank & Jesús Sanchez
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