Eastside Real Estate & Development News
A round up the latest real estate news.
Construction on a new affordable housing complex at 4760-4766 Melrose Ave. has topped out, bringing it to its full, five-story height, Urbanize reported. The building - to be called The Emerson - will have 39 apartments reserved for formerly unhoused people with rents starting at $509 a month. The project, which will include social services, is scheduled to open in summer of 2021.
The Eastsider has a rendering of the 176-unit apartment complex that's being proposed for Sunset Boulevard near Mohawk Street. Plans for the project - currently titled 2225 Sunset - have been submitted to the city’s planning department by Michael Sorochinsky, founder and CEO of Cypress Equity Investments. Amenities include co-working space, two community rooms, an indoor gym that opens to the courtyard to accommodate outdoor exercise, outdoor courtyards and two landscaped roof decks. The location was once the site of a proposed 62-unit housing project that never came to fruition.
A $37.3-million construction loan has been secured to build housing and retail space on four sites on Allesandro Street, Urbanize reported. Parkview Financial provided the loan for projects on about 2.3-acres of non-contiguous land in the 2900 block of Allesandro. Applicants are seeking to build three-story structures with 112 one-, two-, and three-bedroom apartments above ground-floor retail space. Sixteen apartments will be set aside as affordable. The project is expected to be completed in the third quarter of 2022.
Five properties along Monterey Road and Via Marisol are to be reclassified from residential to commercial, under a proposal from City Councilman Kevin De Leon (Dist. 14). Several properties in the 5800 and 5800 blocks of Monterey Road and the 5300 block Via Marisol were employed in commercial used dating back to 1924, and the buildings still look like commercial structures. But they were classified as residential in 2000 under the Northeast Community Plan update. "The clear consensus of the community is that a commercial land use designation and zoning for these properties should be restored," De Leon stated in his proposal.
Actress Jenna Elfman has sold her home in the gated community of Laughlin Park for $4.6 million, Variety reports. That's more than double the nearly $2.2 million she paid in 2004, Variety said. The buyer is described as "a non-famous local man." The home is an updated mid-century modern on a narrow half-acre lot, with four bedrooms and 5.5 bathrooms.
The Reunion House - designed by the famed late architect Richard Neutra - has been nominated as a city cultural-historic monument, The Eastsider reported. “[The house] is a wonderful example of Neutra’s ‘breaking the box’ technique … and other Neutra trademarks,” said Barbara Lamprecht, who worked on the landmark application. “It shows his mastery in taking a very hilly, narrow site and integrating it with the building.” The house sits at a sharp incline overlooking the reservoir at the corner of Earl Street and Neutra Place.
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That’s it for this issue of Real Estate Monday.
— Barry Lank