Eastside Real Estate & Development News
A new apartment complex has opened on the south side of Silver Lake. Negotiations are moving forward to develop a large office and residential project in Lincoln Heights. And affordable housing is planned for a Rampart Village parking lot. Read on for details!
East Los Angeles and El Sereno
Loans have been secured for two affordable housing projects overseen by the East LA Community Corp. - totaling $55 million for 146 units, according to the L.A. Business Journal. CIT Bank, based in Pasadena, will provide a $23.5 million construction loan and a $5.25 million permanent loan to El Nuevo Amanecer project in East L.A., and nearly $27 million to the Rosa de Castilla project in El Sereno. El Nuevo Amanecer Apartments will be at 111 N. Rowan Ave., with 61 units and 10,000 square feet of ground-floor retail. The Rosa de Castilla Apartments will be at 4208 E. Huntington Drive South, with 85 units.
Plans have been filed to use a duplex on Sunset as two boarding houses. The filing asks for a change of use at 1436-1438 Sunset Blvd. One boarding house would have five rooms, the other would have four.
City Council voted on Friday to let the Bureau of Sanitation negotiate a development deal with Goodwill Industries. In a deal that has long been developing, a city maintenance yard and Goodwill parking lot would be combined and serve as home to the Clean Water Campus, which would house several hundred employees from the Bureau of Sanitation who now work in leased space in Glassell Park.
A surface parking lot just outside East Hollywood could receive money to become 101 units of affordable housing, under a motion introduced City Councilmember Mitch O'Farrell, according to Urbanize. The project, called Enlightenment Plaza, would put affordable housing and a social services center at 316 N. Juanita Avenue. The city is applying to use Measure HHH permanent supportive housing funds for the project. O'Farrell's motion asks city departments to provide a report recommending allocating all remaining CRA/LA Excess Bond Proceeds for Council District 13, to be used for this project.
One of the city's largest developers, CIM Group, has finished a 50-unit apartment complex off of Silver Lake Boulevard, The Eastsider said. The four-story Dillon, clad in black metal, is one of several large residential developments now underway on the south side of Silver Lake. A five-story, 60-unit complex will be rising at Silver Lake Boulevard and London Street while a 12-unit project has been proposed for Silver Lake Boulevard and Marathon Street. Rents at the Dillon, located on Dillon Street near Silver Lake Boulevard, will range from $1,950 for a studio apartment to $3,850 for a three-bedroom unit, according to the development's website.
On the Market
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That’s it for this issue of Real Estate Monday.
— Barry Lank & Jesús Sanchez