Eastside Real Estate & Development News
More supportive housing has opened in East Hollywood, and so has the new Albion Riverside Park in Lincoln Heights. And someone paid $387,500 over the asking price or a rundown Silver Lake A-Frame. Read on for your weekly real estate update.
Real Estate Roundup
Sixty-five new units of supportive housing development have opened on Westmoreland Ave., a few blocks east of the Metro Red Line Vermont/Beverly Station, according to Multi-Housing News. It was developed by Affirmed Housing and PATH Ventures. Curbed reports that the complex at the northwest corner of Oakwood and N. Westmoreland has communal rooms, offices for counselors and case managers, and a veteran services office. The is the first part of the Metro Villas project. The second phase part will add a healthcare clinic, a mental health clinic, and over 100 units, and is expected to open in March 2020.
The wood-and-concrete frame has been completed for a new apartment complex at Melrose and Virgil Avenues, Urbanize reports. The five-story building will have 24 apartments and 7,000 square feet of ground-floor retail space. Construction is expected to be completed by the end of 2019.
The new owner of a property at the southeast corner of Melrose and Oxford Avenues has come up with new plans that have far less parking, Urbanize said. Harriman Capital, which bought the vacant 27,000-square-foot site a year ago, now wants to build a seven-story, 75-foot-tall building with 42 apartments, including five for extremely low-income affordable units – and street-level parking for 28 vehicles. Entitlements under the previous owner were for a six-story building that with 45 apartments above ground-floor retail space and 77 parking spaces.
The new Albion Riverside Park at Albion Street and Avenue 17 has officially opened, according to Urbanize. The six-acre park broke ground in May 2017, and cost $44 million. It includes athletic fields, fitness equipment, walking paths, playgrounds, a picnic area, and a river observation area with a bioswale.
A rendering of the proposed City Lights development at Hollywood Boulevard and Hillhurst Avenue is now posted on Urbanize. The blacktop has now been plowed up throughout the large parcel, including the site of the old Auto Zone at the street corner. Plans call for 202 residential units, with about 14,725 square feet of ground-floor retail space. The plan has not been without controversy, however. Neighbors have said the architecture is inconsistent with the rest of the neighborhood, and that the 400 or so parking spaces planned for the complex would not be enough. The project qualifies for “relaxed” parking requirements because it is close to the Vermont/Sunset Red Line station.
The owner of the historic Southwest Museum on Museum Drive said it is looking for another organization to run the place. The Southwest is closed to the public for much of the year and most of its valuable collection of Native American artifacts has been moved to a storage facility in Burbank, even though The Autry Museum of the American West, which took over the Southwest in 2003, has invested millions in the facility. The Eastsider
A dilapidated one-bedroom A-frame home without running water — but with a pool and reservoir views — has sold for $1.237 million. That’s $387,500 over the asking price.
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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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