Kraemer Land and Planet Home Living Acquire Eagle Rock Site for Residential Development

A land parcel currently entitled for 15 single-family, small-lot homes in Eagle Rock was acquired by Kraemer Land Company and Planet Home Living for residential development. The site is located at 4359 Toland Way, east of the 2 Fwy at the intersection of Eagle Rock and York Blvds.

The new development will go by the name PR15M (pronounced Prism) to incorporate the number of homes, and reflect the modern architectural use of windows to bring valuable natural light to all three floors of each home. The approved plans for PR15M comply with the City of Los Angeles Small Lot Ordinance, which classifies the structures as single-family detached homes; qualifying residents for preferred financing and protection against Home Owners Association dues. Prices are expected to start in the mid $550,000’s.

“We were attracted to Eagle Rock’s central proximity to Downtown Los Angeles, Burbank, Hollywood, Pasadena, Echo Park and Silverlake. The timing and economic status of the market makes it a prime time for this kind of investment,” said Brett Albrecht, President of Kraemer Land Company.

The project is expected to break ground in January 2014 with the first deliveries slated for late summer 2014. Kraemer Land Company committed approximately $2 mil of debt to the project. Planet Home Living will spearhead PR15M’s design, engineering, construction, marketing and new home sales.