Eastside Real Estate & Development News
In this issue, the former Red Herring space in Eagle Rock is going for more than $7,700 a month; a huge affordable housing complex is planned for East Hollywood; and a 9-home small-lot development has been finished in Lincoln Heights.
Read on for details!
Looks like the closure of the Red Herring restaurant may not be temporary after all. Their property at 1661 Colorado Boulevard is now listed available for lease, with a beer-and-wine license included. The ownership had announced last February that they would only be going dark "for a few months," while they focused on opening a new location downtown. The property is 2,616 square feet over two floors, and is listed at $35.40 per square foot per year, or an all-in rent of more than $7,700 per month with 2.5% increases annually.
New plans have been released for a mixed-use affordable housing development that could go up at the Metro Red Line's Vermont/Santa Monica Station, according to The Source, which has the pictures. Little Tokyo Service Center is developing the project, and has filed plans for has filed plans to build 187 residential units, with 105 for extremely low-income households, 80 for very low-income households, and two market-rate manager's apartments, according to Urbanize. Plans also include 20,000 square feet of ground-floor retail space. Construction is expected to begin in 2021.
A surface parking lot and some commercial buildings near Madison Avenue and Beverly Boulevard are to be turned into a 454-unit permanent supportive housing project, under a plan announced by Councilmember Mitch O’Farrell, Curbed reported. Groundbreaking for the first phase is expected within months. The developer has received $9.6 million in Measure HHH funds for the the project
Plans are underway to build a small apartment building across the street from Forest Lawn. Permit information from last December mentions a 3-story, 7-unit residential project for 3324 North Chapman Street. The location faces a back wall of the cemetery, on the opposite side of Forest Lawn from the main entrance.
A new set of small-lot homes has been completed in Lincoln Heights, according to Urbanize. The project at 2844 N. Griffin Avenue - called The Griffin - has nine single-family dwellings, each with three bedrooms, three bathrooms, a two-car garage, and an outdoor patio. Sales prices range from $809,000 to $935,000.
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That’s it for this issue of Real Estate Monday.
— Barry Lank & Jesús Sanchez