A site on the far eastern end of Echo Park, next to the recently rehabbed and now very expensive luxury tower The Elysian, was until just recently owned by a bankrupt Korean church, but today it's owned by a Beverly Hills-based development firm, Palisades Capital Partners, and they're planning a big redevelopment, says the LA Business Journal. (A previous version of this article incorrectly stated Palisades Capitol is based in Beijing).
Palisades dropped $30 million on the 5.3-acre spot on Sunset, near the Chinatown border (aka Victor Heights), part of the former headquarters of the Metropolitan Water District, and have also reportedly scooped up "several" properties elsewhere in town for its LA portfolio.
The agent who repped both the buyer and the seller (Holy Hill Community Church) says that Palisades plans to redevelop the site with a mixed-user with retail facing Sunset Boulevard. Right now the site holds "a sanctuary" in what can only be described as the megachurch style, and a handful of "abandoned buildings."
Holy Hill put its piece of the old MWD headquarters on the market in October for $55 million. (The other part of the old HQ, The Elysian, is owned by Linear City and wasn't part of the sale.) At that time, it was reported that the property was zoned for as many as 576 residential units. This was around the same time that the church, which has owned the land since 1994, was filing for bankruptcy.
· Holy Hill Church Site Sells to Beijing Developer [LABJ]
· Eastern Echo Park Could Get a Gamechanging Mixed-User [Curbed LA]