A Chicago-based developer wants to build a 47-unit apartment building in Echo Park, picking up where the previous owner left off.
An entity tied to Bond Companies purchased the two-lot property last May. The price was $1.3 million.
Santa Monica-based DE Architects filed plans Tuesday for the seven-story project at 1363 Colton Street. The property at the corner of Douglas Street previously housed a two-story single-family home.
The project is eligible for a density bonus under Los Angeles’ Transit-Oriented Communities program, which allows for bigger construction if a developer includes a certain portion of affordable units into the construction. It’s unclear whether Bond Companies will pursue those incentives with the latest building permits. The site would include parking at both the ground floor and one subterranean level.
The previous owner is an LLC tied to the founder of a Calabasas home builder. That company, which was approved to build a 40-unit apartment building with three units set aside as affordable. It had initially wanted to sell the property for $2.6 million, before settling on $1.3 million, according to a marketing brochure by the Partners Trust. The final amount was still more than double what the company paid in 2015.
Though a Chicago shop, Bond owns a larger apartment complex down the street on North Union Avenue.
The Colton Street site isn’t far from a massive $600 million mixed-use project slated to replace the former Metropolitan Water District site at 1111 West Sunset Boulevard. That’s where Palisades Capital Partners wants to build a total of 778 apartments and condos, a 98-key hotel, and two acres of public space that includes terraces, gardens and courtyards.
Bond also received won approval to build an office campus in East Hollywood anchored by co-working firm Second Home.