Eastside Real Estate & Development News
The landmark Ennis House in Los Feliz sells for a record-high price for a Frank Lloyd Wright-designed home. The City Council is looking at putting a moratorium on no-fault evictions. And an Echo Park shopping center hits the market for $34 million.
Read on for details!
A temporary moratorium on "no-fault" evictions proposed by Councilmember Mitch O’Farrell is moving forward in the City Council, according to the L.A. Times. The Council has now asked the city attorney to develop a pair of emergency ordinances, NBC LA said. This comes in anticipation of the state's new Tenant Protections Act, which will limit rent increases and arbitrary evictions in certain buildings throughout the state. Many speculate that landlords may be in a hurry to evict tenants in some non-rent controlled buildings before the law goes into effect in January.
Councilmember Mitch O’Farrell is concerned that a new model of home ownership may result in few rent-controlled units, according to Curbed. The ownership model is called tenancy in common, or TIC. Rather than buying a specific house or condo unit, residents purchase a share in the larger building complex, like buying stock in a company. The arrangement is similar to co-ops in New York, applied to more typically Angeleno structures such as duplexes and triplexes. As with co-ops, TICs also tend to be cheaper than condos - priced about 10 to 20 percent lower, Curbed said. The problem? Once rental properties get flipped into TICs, it’s easy to lose track of which ones are supposed to be rent-controlled, if they ever get rented out again. O’Farrell has introduced a motion asking the city planning department to develop a possible tracking system.
Construction of a new 318-apartment project at 1101 N. Main Street tower looks like it's about the start going vertical, with the appearance of a crane at the site, Urbanize reported. The project broke ground near the Los Angeles State Historic Park five months ago, and is expected to rise seven stories. Construction is expected to last another year-and-a-half.
The effort to extend the 710 Freeway through El Sereno to Pasadena has looked pretty dead for awhile. Now a new state law is really ending it for good, Pasadena Star-News reports. Gov. Gavin Newsom has signed Senate Bill 7, which sets a number of guidelines for properties owned by Caltrans. Among the other mandates of the new law: The section of the 710 from Alhambra Avenue in Los Angeles to California Boulevard in Pasadena will be removed from the California freeway and expressway system on Jan. 1, 2024.
Would you want to live on Alvarado Street? Developers certainly hope so. About 300 units of housing are currently under construction or in the planning stages on an approximately six-block stretch of the frequently unsightly thoroughfare, The Eastsider reports. The projects include market-rate apartments and units reserved for low-income tenants.
If you have a spare $34 million, you could become the owner of the Mohawk Collective, which is now listed on LoopNet. The restaurant and retail complex on Sunset near Alvarado is home to Starbucks, The Habit, Revelator Coffee and several other tenants. The listing says Mohawk Collective "encapsulates the independent, maverick-minded neighborhood of Echo Park," even though most of the tenants belong to large and small chains headquartered someplace else.
Councilman Gil Cedillo has clarified his position on the proposed Casitas Loft Development - a major housing project that would put 419 units of mostly upscale apartments along the L.A. River. While Cedillo's intial reaction earlier this month was at least partly positive, he wrote in the Eastsider reiterating his concern that the project did not have enough units designated as affordable housing. Noting concerns about green space, he added, "The Casitas Loft Development does not take one blade of grass on publicly-owned space."
Frank Lloyd Wright’s Ennis House on Glendower Avenue has been sold for $18 million, after more than one year on the market, Curbed reported. Though that's $5 million less than the $23 million asking price, Variety says it is still now the most expensive Wright-designed home ever sold. The buyer is unidentified. The seller is investor Ron Burkle, who bought the property in 2011 for $4.5 million and put $17 million into its restoration. The Mayan Revival mansion was designed by Wright and constructed by his son, Lloyd Wright. It has appeared in films such as Blade Runner and House on Haunted Hill.
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That’s it for this issue of Real Estate Monday.
— Barry Lank & Jesús Sanchez