One of the sleepier sections of Silver Lake Boulevard could be getting a big new residential mixed-user if an unnamed developer gets its way. The plan is to put 135 units over 12,000 square feet of retail space on a six-parcel property that's currently occupied by a small market/liquor store and Phil's Transfer & Storage, reports Eastsider LA. The kombucha and pour-over coffee has not yet flowed this far south on Silver Lake Boulevard; in fact, aside from a few auto repair shops, an awesome Ecuadorian restaurant, and a strip mall, the area is mostly older residential stock.
The Loopnet listing for the freeway-close property—asking $10.25 million—cites Forbes's decree that Silver Lake is the "Nation's Best Hipster Neighborhood" (Using what metrics? Beards per square mile?). The listing also calls the 'hood the area's highest demand rental market, and touts a 19 percent projected increase in rents by 2016.
This project is still in the very early stages, and just had its first community meeting last night. One attendee commented on an Eastsider post, indicating that the developer with big dreams for the site is none other than CIM Group, the mega-developer currently embroiled in trouble over some possible misdeeds at the site of the Sunset/Gordon tower, formerly the Old Spaghetti Factory. Curbed has reached out to CIM Group reps for more information.
Silver Lake has earned a solid reputation for being at odds with new developments. Over at Sunset Junction, a Frost/Chaddock project with three mixed-use buildings met heavy resistance. At a townhouse project on Glendale Boulevard over by the LA River, Silver Lakers did not hesitate to call noisy builders on their bullshit. Will the southern section of Silver Lake prove to be like the rest of the neighborhood, or roll out the red carpet for this kind of change?
· Developer planning 135 residential units in south Silver Lake [ELA]