Eastside Real Estate & Development News
In this issue of Real Estate Monday: Show-runner Nick Kroll emerged as the victor in a bidding war for a Los Feliz estate. A 5-story mixed-use project is coming to Figueroa Street. And L.A. County will look at lease a strip of land under transmission towers for an East L.A. park. Read on for details!
Permission has been conditionally granted to build a new five-story, mixed-use development in the 3500 block of Figueroa. The complex at 3547-3585 N. Figueroa St. is to contain 55 dwelling units (six of which will go to Extremely Low Income Households) and 6,828 square feet of ground floor commercial space, for a total of 69,997 square feet. The approval includes permission for a 70 percent increase in density and a reduction in parking spaces. The project by Figs Digs Development involves demolishing two existing commercial structures.
One residence on Alexandria Avenue would be turned into three, under plans filed with the city. Developers are seeking permission to demolish a single-family home at 1222 Alexandria Ave. and subdivide the land into three small lots.
East Los Angeles
A public park may rise along a huge, vacant corridor off Whittier Boulevard filled with electrical transmission towers, The Eastsider reported. County supervisors approved a motion last week to explore the creation of an 8.4-acre park on a ribbon of land that starts at 6254 Hubbard St., on the eastern edge of the neighborhood. The motion from Supervisor Hilda Solís authorizes the county's Park and Recreation department to apply for Proposition 68 funds to build the park, and to enter into a 30-year lease agreement with Southern California Edison, which owns the corridor.
Nick Kroll (currently the show-runner for “Big Mouth”) has bought a renovated 1920s Spanish Colonial for $6 million, Variety reported. The 4,770-square-feet home sits on a corner lot and includes five bedrooms and five bathrooms, but is practically invisible from the street. Kroll faced a bidding war, paying $105,000 more than the initial ask. He has already owned another home in the neighborhood since 2012 - a smaller 1930s Spanish-style home, which he bought for about $1.5 million.
Irish musician Siobhan Fahey, founding member of Bananarama, has listed her 4-bedroom/3.5-bathroom villa for $4.75 million, Variety reported. She bought the Holly Oak Drive property nearly eight years ago for $1.9 million. The home - which sits on a 18,664-square-foot lot - is described as "Zen-like."
Filmmaker Tim Disney (grand-nephew of Walt) now finds that a home he ceded in a divorce is up for sale, Variety said. His ex-wife, Neda Disney, has listed the 5-bedroom, 6.5-bathroom Mediterranean villa they bought together for $7.5 million. They purchased the 7,470-square-foot Aberdeen Avenue home - which sits on nearly half an acre - for $6.4 million four years ago. Don't feel bad for Tim Disney, though. Variety notes that he now solely owns at least two of the homes the couple had while still married.
That’s it for this issue of Real Estate Monday.
— Barry Lank