Located behind the shops and restaurants on South Lake Avenue, Granite Park has been chugging along slowly (hoping and waiting for the market to rebound I assume). The health of the market is especially important to this project since the condo units here actually start at $1 million and go up to $2 million. If this project turns out to be anything like the Montana Residences, then I think it might actually be attractive/worth it to those who can afford it.
Another thing I like about this project is the location it was developed on. I’m not talking about it being adjacent to South Lake Avenue or being close to Caltech, but it is exactly the kind of development I think is needed to fill in all those surface parking lots (i.e., underutilized land and potential) in back of the shops on South Lake Avenue. I talked about this earlier, and I think we can improve South Lake Avenue dramatically by developing the back of the parking lots into an amalgam of mixed-use projects and bungalow complexes akin to the Mission Meridian T.O.D. (transit oriented development) in South Pasadena. Imagine quaint and cute alleyways with shops and restaurants and galleries created from the parking lots that would add to the pedestrian experience on South Lake Avenue instead of just using it for parking cars.