If anyone is interested in developing this lot at 1855 Glendale Blvd in Silver Lake/Echo Park, please step forward. Listed at $5.5 million (it hit the market last month), this lot is entitled for 67-unit townhomes. Oh developer, you say you are worried about traffic because the 2 freeway empties out here? Fear not. Per the listing: "A budget of over twelve million dollars was recently approved by the city for a soon-to-be #2 freeway terminus improvement project. The proposed project aims to completely do away with the helter-skelter off ramp currently catapulting traffic onto Glendale Blvd and reduce traffic flow and congestion."
There had been chatter about that 2 freeway project, but we thought it had been delayed. Not sure. We do know this: The lot has long been vacant and while it was looking sort of desert-like and innocuous last summer, the winter months haven't been good to the site-the weeds are now brown and the building adjacent to the plot is tagged up.
Meanwhile, the listing keeps referencing Silver Lake. According to Echo Park Historical Society, the border is Allesandro St-Glendale Blvd, and indeed, before it died, it looks like this project was presented to the Silver Lake Neighborhood Council. No matter what they call, this sure feels like Echo Park.
Property Description:
This is a FULLY ENTITLED 67 unit (65 townhomes, 2 flats) project BELOW APPRAISED VALUE. Parking consists of a two level parking structure at grade (because of the natural sloping of the hill there is no digging). There is also a four level residential piece with live/work along the front of Glendale Blvd with the bottom two levels hiding the parking. The majority of the units are simple two level stick frame podium unit townhomes. 7 townhomes are tri-level stand alone on grade units with their own tuck under parking. Most units with a roof have a private roof top deck with sweeping views of the downtown LA skyline. The project is Green. That is, the building is currently aiming to be LEED Gold level - making it, by far, one of the greenest multi-family development in the country.
At conservative $530,000 per unit proceeds, entire project is anticipated to yield +/- $35,500,000 gross sale proceeds, or 6.46 x purchase price. Actual comparable condo sale prices range between $470,000 and $570,000.
Property can be bought together with next door 38,000SF lot / warehouse for a nice discount across both properties (that one is not entitled). See Loopnet property ID 14999149
Location Description:
Dubbed "as much a state of mind as a place on the map," Silver Lake ranks among Los Angeles' greatest urban pockets. Beloved by locals as a genuine neighborhood, the homes and businesses that loosely encircle the Silver Lake Reservoir form a community that's as independent as it is diverse. Eminently walkable and easily navigated by bike or bus, Silver Lake is studded with local cafes and bars, antique shops and clothing boutiques, and music and book retailers.
Less traveled by foot due to traffic, the area surrounding the site under review at Glendale Blvd. has largely been excluded from the bustling area of Silver Lake. However, this is all about to change. A budget of over twelve million dollars was recently approved by the city for a soon-to-be #2 freeway terminus improvement project. The proposed project aims to completely do away with the helter-skelter off ramp currently catapulting traffic onto Glendale Blvd and reduce traffic flow and congestion. The project also aims to provide extensive pedestrian enhancements and re-design the terminus in a manner more compatible with burgeoning residential and commercial uses. In short: a whole new urban corridor in the making.
· Glendale Blvd [Listing]
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