In the case of Adams Hill, the story focuses on an entertainment reporter who bought his 1800 square foot house in 2003 for $400,000 (bastard). His house has already been revalued at $670,000 -- will the impending Rick Caruso-led Americana on Brand (a.k.a. The Grove East) push values further, especially now that the market has stalled?
From his home in the Adams Hill neighborhood, Richard Horgan has a sweeping view of downtown Glendale framed by the Verdugo Mountains. It's a lovely panorama — one that's about to change.
In the coming months, a $264-million mega-development featuring high-end shops and restaurants, a 16-screen theater complex, upscale residential units and a park will begin to take shape on a 15.5-acre patch of downtown, transforming Horgan's view as it redefines central Glendale. At the helm of the project is developer Rick Caruso, whose signature complex, the Grove, redefined the Farmers Market area.
Before it received the green light in December, Glendale residents had debated the Americana at Brand for more than two years. On one side are those worried about increased traffic and rising rents, upset that the city agreed to pay an estimated $77 million in land and improvement costs. On the other are folks thrilled by the prospect of new places to hang out and spend their cash, hopeful the venture will give local home values a bump when it opens late next year.
Horgan thinks it will help, and has put off selling his home. We're in the same boat -- do we sell now and hunt for a bigger place, or do we look into expanding our tiny house? There are compelling arguments on both sides. The LATimes story doesn't mention two more reasons to perhaps wait a little longer here in Adams Hill -- a neighborhood library and small park are scheduled to open next year within walking distance.
For now, if you've had good experience in adding an addition to your home, and know a sharp architect or contractor we oughta call, feel free to email.
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