Something odd is happening in Boyle Heights. A redevelopment project is neither lofts nor luxury condos. In fact, one may only need to be middle class to buy in the new project. Following a story from EGP News, the L.A. Community Redevelopment Agency approved the redevelopment of the Sears Tower at the corner of Olympic and Soto into a mixed use project.
Current plans call for 750 residential units to be developed on the 23-acre setting. Affordable condos and family apartment units make up nearly 20 percent of the 750 residential units.
Geared toward first-time home buyers the starting price for a condo will be in the range of $400,000 and economical apartments to rent range from $350 to $650 per month. Even Sears is getting into the act: it’s expanding the current store and calling it the ever-so bourgey “Sears Grand.” It that like Sears in a gold veneer?
· Historic Sears Tower Set for Makeover [EGP News]