Santa Monica Developr To Build 60-Unit Multifamily In Echo Park
Echo Park’s multifamily development push is still showing signs of life.
Realty Investment Advisors, led by Ben Hsiang, has filed plans to build a 60-unit multifamily complex at 600 N. Alvarado Street in Echo Park.
The developer, based in Santa Monica, purchased the site for $2.5 million last June from Raquel Dominguez, the surviving member of the D&R Dominguez 2016 Family Trust. The property consists of eight parcels totaling about 25,000 square feet facing Alvarado Street. It is close to the 101 Freeway, according to property records.
Three6ixty, a development consultant in Culver City, filed plans on behalf of the owner. Enrique Viramontes of RE/MAX Commercial and Investment Realty was the listing agent when it sold.
Echo Park is among a number of Eastside neighborhoods in Los Angeles that have seen a steady stream of residential development over the past year. In November, the owners of a shovel-ready 31-unit apartment complex decided to up-size their project to 77 units.
On a larger scale, Korda Group said in July it would build a six-story complex with 158 apartments near Dodger Stadium.
Author: Alexei Barrionuevo
Source: The Real Deal