Friday, February 08, 2013

Fourteen New Single Family Homes to be Built Near Downtown Los Angeles

Not only are long stalled condo and loft projects again moving ahead in the heart of Downtown Los Angeles, but many long stalled smaller projects in the inner suburbs surrounding DTLA are once again heading for completion.  Included in those projects is an 14 home subdivision in Highland Park that will add new single family homes to the mix of housing under construction within easy commuting distance of DTLA jobs and DTLA's shopping, cultural and entertainment venues either by car or the Gold Line.

GLOBEST has the full story but here are the opening paragraphs as reported by Carrie Rossenfield::

LOS ANGELES-Kraemer Land Co. has acquired a 14-lotresidential development in the Highland Park submarket here though a new strategic partnership with Orange County homebuilder South Coast Communities. The company plans to finish four standing-inventory homes within the next 90 days and complete construction on all remaining single-family detached lots before year-end 2013.
Located at the intersection of North Ave. 66 and Staley Ave., the development, which was acquired from two independent groups of sellers, has remained unfinished since 2009. Tim Barden of Land Advisor’s Organization represented both the buyer and seller in the transaction.
Kraemer Land Co. has committed approximately $7.5 million in new capital to complete the project, and South Coast will manage all design, engineering, construction, marketing and new home sales. Home prices are projected to start from the mid- to high-$700,000s.

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