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For Sale: Long Riverside Dr. Parcel With Plans For 120 Condos

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The giant retaining wall that currently resides on a long stretch of Riverside Drive near Fletcher Drive at the north end of Silver Lake is listed for sale on LoopNet. The listing, first discovered by Eastsider LA, describes the fully entitled, 5.75 acre property (which goes by the name of Riverglen 120) as ripe for development, so you might want to check under the mattresses and between the seat cushions for the money to pay the $10.5 million asking price. The parcel is entitled for a 120 unit condo development, "designed as four stories of residential structure over two levels of parking," and "composed of one and two bedroom condominium (or apartment) units that average 1,204 square feet in size and will feature a resort-style pool deck." The property has 1,600 feet of frontage on Riverside.

But what really makes this property special, according to the listing, is the location. The "Neighboring apartment complexes are consistently 95-100% occupied" and "There are no planned future projects for similar product in this area, except for along the Sunset corridor in the south part of Silver Lake" (they mean the stuff in the works by Frost/Chaddock around Sunset Junction). The site is, however, practically on top of the 5 Freeway, also with easy access to the 2 Freeway, which could be a good thing or a bad thing depending on how you prioritize mobility and exhaust.
· Riverglen 120 [LoopNet]
· Great Wall of Silver Lake may be replaced by a wall of condos [Eastsider LA]