Sigh. It’s a sad day in Echo Park real estate.
The beloved William Pereira-designed 1960s building at 1111 W. Sunset Blvd., anchoring Victor Heights and Chinatown with sublime views of Downtown, will become market-rate apartment rentals, not condos. Completion of the residential 8-story project is scheduled for January 2014.
After amassing calls and inquiries from past Echo Park clients and interested buyers, I was able to speak with Yuval Bar-Zemer, a partner at Linear City Development, LLC. He broke the news with “they are all going to be disappointed.” When asked why the decision was made for apartments, rental income was the best use for the property.
For local natives, the steel-framed, pre-cast concrete building has been home to the Metropolitan Water District, the Holy Hill Church (remember that massive cross?), vacancy of 20 years and — before the 2011 $6.8MM acquisition — a tower of unsightly graffiti tagging.
92 units are sized between 800 to 1,000 square feet, rents demanding approximately $2,000 per month, with it as high as $4-5k for larger units.
For the NYC transplant, I’m sure that’s easy to cough up for Mid-Century commercial design, balconies, and walls of glass.