Eastside Real Estate & Development News
A 5.59-acre stretch of land in Silver Lake is on the market for $15.5 million. A new pocket park has been proposed for Boyle Heights. And the new Thai Town Marketplace in East Hollywood is ready to open, right over the Hollywood/Western Metro station. Read on for the details
Real Estate Roundup
A new pocket park could replace an old duplex near the Gold Line’s Soto Station, Urbanize reported. The Department of Recreation and Parks has requested permission to begin the process of acquiring the property at 318 North Mathews Street. The area around this .19-acre property is “experiencing new housing development and other development” that would benefit from a new park, according to the staff report. Urbanize notes that this area has recently seen the construction or completion of two mixed-use affordable housing developments.
Despite including no affordable housing, the new College Station development has been approved by a city committee, Curbed reports. The City Council’s planning and land use committee gave thumbs up to a plan for a five-building apartment and retail complex with 725 units. Some officials and activists had wanted the project to contain affordable housing. But the developer, Atlas Capital, said it had no no legal obligation to do so, and the committee agreed. Final approval must be given by the full City Council.
The new Thai Town Marketplace on top of the Hollywood/Western Metro station is set to open near the end of April, according to Urbanize. It will occupy 4,500-square-feet of the Metro Hollywood apartments, with 12 food vendors and six retail kiosks, focusing on Thai cuisine and culture. It is also described as a business incubator. Each of the 18 businesses will cycle out every three years to make room for other new start-ups.
Two city agencies are at odds over the plight of paraplegic renter Cassandra Tang and her only accessible bathroom, according to L.A. Taco. The city’s department of Building and Safety has told Tang’s new landlord to demolish the bathroom since it was constructed without permits and fails to meet building code standards. On the other hand, the city’s housing department has opposed the demolition as tenants’ rights activists rush to her defense. The situation currently remains at a stalemate.
How much does it cost to rent a slice of real estate on Sunset Boulevard? How about $6,600 a month? That’s the asking rent for the 1,100-square-feet storefront formerly occupied by Two Boots Pizza next to The Echo.
It’s been almost two years since Councilman Mitch O’Farrell made a proposal to have the Planning Department look at existing zoning along some of the major streets in Echo Park and its impact on surrounding residential area. O’Farrell also wanted city planners to look at ways to make sure that future development “complements, and is consistent” with the relatively low-density that exists today. After going nowhere since being introduced, O’Farrell’s proposal will be taken up by the City Council’s Planning & Land Use Management Committee on Tuesday for a possible vote.
The planning and land use committee will also take up another O’Farrell proposal that’s also been in limbo since being introduced nearly two years ago. This proposal would have city planners review the impact of zoning in Silver Lake that allows for multiple residences in certain hillside areas and ways that future development fits into the neighborhood.
More than five acres of land along Riverside Drive are listed for sale at $15.5 million, according to Loopnet, in a single lot described as “shovel-ready.” The 5.59-acre site at 2600-2750 Riverside Dr is directly across the street from the 5 Freeway. Loopnet says the site is fully entitled for 120 residential units, and has preliminary architectural plans for a mix of 1-bedroom and 2-bedroom units.
On The Market
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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
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