Eastside Real Estate & Development News

A round up the latest real estate news.

Boyle Heights

Construction has begun on a mixed-use affordable housing development on a 1.96-acre Metro-owned property as part of a policy to build affordable housing near the transit service, The Eastsider said. The project, known as La Veranda, is located near the corner of Cesar E. Chavez Avenue and Soto Street and will include 76 income-restricted apartments for families and people experiencing homelessness. The apartments are a range of one- to three-bedroom units, and 20% of them are reserved for people earning less than 20% of the area median income.

Echo Park

The Brite Spot diner on Sunset has new owners. Again. The lease for the 72-year-old landmark eatery has now been sold to Lancers Family Restaurant in Burbank, according to Leslie Haro, vice president of Urbanlime, which brokered the deal. Haro said the Echo Park institution will continue to operate under the Brite Spot name. This the third time the Brite Spot has changed hands in three years. In 2018, Jaime Turrey and Brooke Fruchtman, proprietors of Ostrich Farm restaurant, were among the new owners who took over the Brite Spot from Silver Lake businesswoman Dana Hollister, who had owned it for 14 years.

A city historic landmark across the street from Echo Park Lake sold last month for just over $2 million, according to Redfin. The restored Spanish-style four bedroom at 817 N. Glendale Blvd. was built in 1937 for a pastor at nearby Angelus Temple.According to an earlier real estate listing, Los Angeles Historic-Cultural Monument No. 257 was designed by architect John Victor Macka. The 3,075-square-foot home sits on a 9,747-square-foot lot,. with head-on views of the lake from the east (It was also directly across the street from the lake's former homeless encampment). The home sold in less than a month, going well above the asking price of $1,849,000.

Highland Park

The City now has to sell back the old Security Trust & Savings Bank building on Figueroa Street and Avenue 56, which it took 12 years ago under eminent domain, The Eastsider reported. The Los Angeles City Council is selling the historic but empty building back to the former owner, Richard Paul Rutgard, for $2.55 million, about the same as what they paid for the L.A. historic monument. The City had acquired the Renaissance Revival-style building in 2009 to use as a “constituent service center” for City residents - a Highland Park City Hall. But that project never ended up being funded - and under the law, eminent domain property must be offered back to the owner if it's not used for its intended public use within 10 years after the resolution of necessity was adopted.

Construction has begun on what is expected to be the largest "tiny home village" in California, with 224 beds in prefabricated cabins available to transition people out of homelessness, The Eastsider said. The Arroyo Seco Tiny Home Village is expected to be built within three months near the north end of Arroyo Seco Park at 5982 Arroyo Drive.  The 115 cabins -- each measuring 8-feet-square -- by Pallet Homes will be installed on asphalt between the park and the Arroyo Seco Parkway (110 Freeway), reports Spectrum News.

Los Feliz

Filmmaker Quentin Tarantino says he has purchased the Vista Theatre and plans to show old and new films in the nearly century-old movie house. Tarantino announced the purchase during the most recent Armchair Expert podcast. He made it clear that the Vista, which has been closed since the pandemic began, would not be a revival house. Instead, it would screen new films but only film prints as well as older films. Tarantino said the change will take place by the end of the year.

A 79-bed interim housing site for homeless families has opened in a former office building on Riverside Drive near the Glendale Hyperion Bridge, The Eastsider said. The facility, which can accommodate 26 families, will be staffed 24 hours a day and include space for case managers, children's playroom, computer lab, community room, laundry and a dining area with three meals served daily. People Assisting The Homeless will operate the facility under the city's A Bridge Home program. The site for families is down the block from a 100-bed homeless shelter the city opened last year on Riverside Drive.

Silver Lake

Plans have been filed to construct a new six-story, 17-unit apartment building at 969-971 Manzanita St., replacing a two-story, four unit building that is currently on site. the applicant is listed as Tomer Tzadok of Calabasas. Amenities include nine parking spaces, and a gym at the parking level.

The highest priced home sale on the Eastside this week wasn't in Los Feliz, for a change. It was a four-bedroom, 3.5-bathroom Tudor near the north end of the reservoirs, according to Redfin. The sale price of $2,816,355 was under the asking price of $2,875,000 - but well above the last time this home changed hands, when it sold in 2008 for $1.2 million. The 2,688-square foot home at 2620 Ivan Hill Ter. dates back to 1926, and sits on a quarter-acre hillside lot near the Ivan Hill Stairway.

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