Neighborhood Highlights: Glendale
Glendale is the third largest city in Los Angeles, boasting a population of 195,000 people in just 30.6 square miles. Originally the home of the Tongva, which were the people of the earth, Glendale is immersed with an abundance of culture.
Currently, Glendale has become another hotspot for major development. With a walk score of 82, Glendale has become one of the most accessible neighborhoods in Los Angeles.
Here are some neighborhood highlights for the city of Glendale:
MORATORIUM EXTENSION ON DOWNTOWN RESIDENTIAL DEVELOPMENT
About two weeks ago, the Glendale City Council has introduced an ordinance that would extend a 45-day moratorium on residential development projects in and surrounding Glendale by more than 10 months.
In March, the Council voted to halt the issuance of permits and entitlements for projects in the Downtown Specific Plan area in order to slow the rate of development of dense apartment projects. The reason for the development frenzy was due to incentives given to developers for creating projects with public benefits such as providing open space or affordable housing.
The moratorium is currently being drafted with suggestions to exempt properties that convert an existing commercial building to residential use (adaptive reuse projects). The moratorium will also exempt projects that have already been approved prior to the March 2018 vote.
The Council will resume discussion regarding the moratorium in the next few weeks.
MAY RENT UPDATE
Rent trends in Glendale have increased nearly 2.9% in the past year. According to apartments.com, as of May 2018, rents in Glendale average below:
Studio (524 sq ft) - $1,630
1 Bedroom (608 sq ft) - $1,702
2 Bedrooms (862 sq ft) - $2,089
3 Bedrooms (1,165 sq ft) - $3,004
ARMENIAN AMERICAN MUSEUM
As of late last month, the Glendale City Council has approved preliminary designs for the museum as well as the surrounding Glendale Central Park. The project will include replacing surface parking with landscaping and park features, totaling approximately 92,000 square feet of open space. The $30 million project will feature 30,000+ square foot museum space.
DEVELOPMENT PROJECTS IN GLENDALE
Since the discussion of the Moratorium discussed above, Glendale development has slowed down significantly as permits and entitlement grants halt.
However, according to the Glendale Planning Committee website, there are currently hundreds of development projects already in progress.
If you’re interested in selling and would like a current market valuation of your property, please contact Anie Mayelian at 818-915-9118 or email.