Eastside Real Estate & Development News
Echo Park and Silver Lake were at the center of Ellis Act activity earlier this year. A former Buddhist temple on Figueroa is being marketed as creative office space. And Dodger Stadium is getting a $100 million makeover. Read on for details.
Property owners in L.A. filed to remove 657 rent controlled apartments from the market over three months under the Ellis Act, Curbed reported. The Zip Code with the highest number of evictions from April through June was right here at 90026 - including Silver Lake, Echo Park, and Historic Filipinotown. But the increase isn't just striking on the Eastside. The citywide number marks a large increase from before, according to Larry Gross, who tracks Ellis Act evictions as the head of the Coalition for Economic Survival. He said this is about seven rent-controlled units disappearing every day. The Ellis Act allows landlords to remove a unit from rent control either if they either plan to demolish the building or permanently take it out of the rental housing market, often to convert it to for-sale units.
The sellers' market in housing seems to be slowing down, according to the L.A. Times. The price of homes in Southern California rose only 1.2% in June from a year earlier, and sales fell 8.8%. In L.A. County in particular, the median price rose 0.5% to $618,000 in June and sales fell 12.1%. Sources tell the Times that home prices are simply too high already, and too many buyers are priced out.
The Dodgers unveiled a $100 million renovation to the ballpark, according to The Eastsider. The plans include a new center field plaza with restaurants, bars, beer gardens and a new children's play area (which we assume will be kept separate from the beer garden). “It’s going to act like a two-acre tailgating area,” Stan Kasten, Dodgers president and chief executive, told the Los Angeles Times. Dodgers Nation reminds us that former team owner Frank McCourt also wanted to build a center field plaza as part of a large shopping mall, which was never built.
A former Buddhist temple that went up for sale last year is now being offered for lease as offices and creative/events space. The former Mystic Dharma Temple on 5206 N Figueroa St. is two stories, with 8,750 square feet of space on each floor. The rental rate is undisclosed.
Less than three months after Barcade opened on York Boulevard, the building is listed for sale at $4,275,000. The listing doesn't seem to pose a mortal threat to the newly opened bar/restaurant/giant retro game arcade, however; the ad notes that eight years remain on the lease. Coda Equities purchased the property in 2017 for nearly $2 million from the family that operated El Arco Iris Mexican restaurant on the site for more than 50 years.
The L.A. Times visits the home of actress Lisa Edelstein, known as Dr. Lisa Cuddy on the TV series "House," and more recently as Abby McCarthy in Bravo's "Girlfriends' Guide to Divorce." The Times notes that Edelstein's home pays homage to Japanese culture, something that was still true even with its original owner Edward A. “Tink” Adams, who founded the ArtCenter College of Design in 1930. “He was obsessed with Japanese culture and rescued these two bonsai trees that were on a bonsai tour that went bankrupt,” Edelstein told the Times.
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That’s it for this issue of Real Estate Monday.
— Barry Lank & Jesús Sanchez