Eastside Real Estate & Development News
Neighbors are complaining about squatters at the site of a future Los Feliz apartment complex. A Silver Lake developer has revealed more details about a large mixed-use project on Sunset Boulevard. And a fitness center with a pool is taking over the space once occupied by the Chinatown Walmart. Read on for details.
The former Walmart at 707 W. Cesar Chavez Ave. is turning into a 37,000-square-foot gym operated by EOS Fitness. The company, which operates fitness centers primarily in Arizona and Nevada, says the facility – which will include a pool, cycling studio, free-weight area and other facilities – is scheduled to open in the fall. The new gym is located in the Chinatown Grand Plaza, a six-story project that includes more than 300 units of senior housing and other commercial space. It's now up for sale at $28.6 million.
Tenants of Chinatown’s Hillside Villa are learning an insidious fact about their affordable apartments. Starting with construction in 1988, the 124 apartments in the complex were set aside for lower-earning residents. But those affordability restrictions expired in December, which means the building’s owner, Thomas Botz, will soon be free to charge market rate rents, reports Curbed L.A. And Botz says he’ll have to, at least for some of the units, in order for the building to support itself. Nor is this only a problem in Chinatown. More than 5,000 affordable apartments across Los Angeles County were converted to market-rate units between 1997 and 2018, with 12,121 more affordable units now at risk.
A six-story, 51-Unit development with retail space is now going up at Melrose and Serrano, says Urbanize. A single-family home and a small commercial building have been demolished to make way for the project.
A developer of Metro-owned property is adding affordable housing units to the project – and dropping plans for retail space, said Urbanize. The project going up at Taylor Yard, a former Southern Pacific Railroad maintenance and storage facility, was to have 16,690 square feet of retail space. But Metro agreed to the developer's request to build 56 more units of affordable housing instead, given a lack of interest from prospective retail tenants. So far, 263 affordable housing units have already gone up at Taylor Yard site; 42 more are also slated to be built.
A corner lot awaiting development at Franklin and Western is becoming a safety issue, neighbors say, as squatters vandalize the property, illegally divert power lines and cause disturbances of the peace, reports the Los Feliz Ledger. In one instance, squatters also broke a gas meter, causing a natural gas leak. A Valero gas station and two residential buildings are to be demolished this month, and ultimately replaced with a controversial mixed-use apartment complex.
A live-work building with commercial space is being planned for the 3300 block of Sunset Boulevard, over five parcels of existing retail properties, says The Real Deal. RYDA Ventures, which bought the retail strip almost three years ago, has filed plans to build 104 live-work units and 9,050 square feet of commercial space from 3303-3327 W. Sunset Boulevard.
On The Market
New Listings From Eastsider Sponsors
Lovely Homes for Sale in Highland Park and Glassell Park, plus a Pasadena Mid-Century and a Downtown Loft for Lease
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