Echo Park apartment building project picks up where last one left off

Chicago's Bond Cos. would develop the 47-unity complex

TRD LOS ANGELES /
Apr.April 24, 2018 05:00 PM
363 Colton Street in Echo Park (Credit: Google)

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.


Related Articles

arrow_forward_ios
LA promo

Coming Soon: The Real Deal Los Angeles’ Winter 2020 issue!

From left: Howard Schwimmer and Michael S. Frankel, with 1601 W. Mission Boulevard and 2757 E. Del Amo Boulevard (Credit: Google Maps)

Rexford Industrial adds to LA portfolio with $100M in acquisitions

Andrew McDonald and At Mateo in the Arts District

Cushman’s West Coast chief talks expansion, DTLA market, the death of the starving baby broker & more

3339 Exposition Blvd. and Asher Luzzatto

Luzzatto Co. assembling creative office hub in West Adams

Jason Illoulian and the Cemex plant

Faring makes $30M assemblage play on WeHo/LA border

From left: Nuveen CEO Vijay Advani, Graymark founder/CEO Brian Hecktman

Graymark, Nuveen pay $97M for El Segundo creative office

The car wash at 1666 N. Vermont Avenue (Credit: Google Maps)

Former car wash owners propose 139-unit development in Los Feliz

Pink House Project, rendering of Hello Saturn, Boaz Miodovsky of Ketter, and Max Sharkansky of Trion Properties

Joint venture sees green in planned apartment complex at Mid-City pink houses site

arrow_forward_ios
Loading...