A Roundup of Eastside Real Estate and Development News
Welcome to a digest of Eastside real estate news, development and people. In this week’s issue:
The City Council has voted to oppose state legislation that would override many development limits. Part of the old Brooklyn Bagel Bakery on Beverly Boulevard is being marketed as creative office or new retail space. Meanwhile, a few blocks away on Beverly, an office building is being converted into a charter school.
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Real Estate Roundup
The L.A. City Council voted unanimously to oppose a state senate bill that would override local limits on height, size, design and parking, according to the Daily News. The largest potential impact from Senate Bill 827 – which is intended to create more housing – would take place in neighborhoods zoned for single-family homes that are near certain bus lines and transit centers, reports the L.A. Times. But even more dense neighborhoods, such as many on the Eastside, could see more multi-storied residential buildings.
With Toys R Us about to go out of business, the branch in the Franciscan Metro Center in Atwater Village will come up for grabs. The large toy store sits in the middle of the Los Feliz Boulevard shopping center between a Best Buy and a Costco. Normally, a retail space this large might stay vacant for awhile, said Mike Tolj of Tolj Commercial Real estate in Eagle Rock. But right now, demand for retail space is far outstripping supply, with the vacancy rate among retail spaces ending last year at a slim 4% for all of Los Angeles County, Colliers reported. “In this market,” Tolj said, “they’re lining up.” So, what will go into this space? The Eastsider will have a story coming up soon exploring the issue.
Construction of a new pedestrian and equestrian bridge linking North Atwater Village and Griffith Park is scheduled to begin in April. The bridge had initially been expected to be paid for entirely with private funds. But public monies ended up being used to pay for most of the $16 million structure as estimated costs tripled. Curbed
A grand opening ceremony is scheduled today for a 50-unit affordable housing development. The Cielito Lindo Apartments in the 2400 block of E 1st Street will offer thirty 1-bedroom units, three 2-bedrooms and sixteen 3-bedrooms. Today’s opening ceremonies cap 18 months of construction and $21.8 million of investment by the East LA Community Corporation, a non-profit community development organization. Residents earn between 30% and 50% of the area median income – which, for a family of four, is $27,030 to $45,050.
A Boyle Heights art space that had been targeted by anti-gentrification activists will be closing at the end of May – but reportedly not because of the protests. Wendy Yao, one of the owners of 356 Mission, said, “It was just time. It was a labor of love, with finite resources, and never intended to last forever.” L.A. Times
Part of the old Brooklyn Bagel Bakery on Beverly is now being offered up for lease as creative office or retail space. The asking rate for approximately 10,000 square-feet of space ranges from $1.75 a square-foot to $2.75 a square-foot, according to marketing material by broker Charles Dunn Co. But Brooklyn Bagel owner, Vanik Elchibegian, told The Eastsider the shop will still be able to resume operations elsewhere in the building. The shop closed down “temporarily” in May of 2015, after part of an exterior wall collapsed.
Plans are afoot to convert an old office building on Beverly Boulevard into a charter school. The charter school Citizens of the World has been moving forward with plans to use the old office building at 2515-2547 Beverly, which had recently been housing assorted ministries. The city Planning Department has also received a connected request to use a public parking area in the 2500 block for the school. The school is to be for transitional kindergarten through fifth grade. Citizens of the World already operates a school in Silver Lake, as well as Hollywood and Mar Vista, and also has a branch in Kansas City.
A look at the how a wave of gentrification and President Trump’s anti-immigration policies are triggering anxiety and worry among the low-income Latino residents of Lincoln Heights. First of four parts. L.A. Times
Construction is wrapping up on another small-lot residential development, this time in the 2300 block of N. Glendale Blvd. Five single-family, three-story homes are entering the market near Silver Lake Meadow, according to Urbanize.
It used to be that Eagle Rock and parts of Mount Washington once had a lock on million-dollar home sales in Northeast L.A. But it looks like Highland Park has joined the club. During the past week alone, three homes — on N. Avenue 57, Buena Vista Terrace and Stratford Road — sold for at six figures, according to Redfin. Since the first of the year, it appears that 13 single-family Highland Park properties have sold for $1 million or more. Can that pace be continued for the rest of the year?
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That’s it for this issue of Real Estate Monday. We will be back next Monday.
— Barry Lank & Jesus Sanchez
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