Smaller-scale plan moves forward for 410 N. Rossmore
THE 410 N. ROSSMORE AVENUE building, top; the El Royale is seen in the distance.
Final design and color choices are being made for a more modest remodel than previously planned for the five-story apartment building at 410 N. Rossmore Ave.
The 1930s building, which was finished in the 1940s, had been poised for a seven-story addition. But the economic tide has shifted — changing with it the remodeling plans.
Instead of a major redo, “We are planning to preserve the historic charm with a subtle deco touch,” Greg Potikyan, new asset manager for co-owner ESI Ventures, told us. Potikyan came onboard after the shelving of the seven-story addition with sundecks and swimming pools.
Preliminary construction staging for the new design was expected to start late last month. Completion is expected in the third quarter of 2023.
ARMY ENGINEERS revised the original grand design and completed the building in 1944 with only five stories in an effort to ease a housing crisis during World War II. The El Royale stands behind.
While 15 tenants still live at the site, 41 previous tenants accepted buy-out offers after Atlanta-based Domos Co-Living and ESI Ventures of Beverly Hills purchased the property in January 2020.
Those offers were made in anticipation of the more ambitious remodel and addition, where the number of units was to increase from 78 to 87.
The rent-controlled building of studios and one-bedroom apartments was also to be morphed into a co-living development. But those plans were also scrapped. “Construction costs increased significantly during the last three years due to inflation, so the partners decided not to pursue the co-living model,” Potikyan said.
Instead, the remaining tenants will be relocated to top-floor units while work begins below on plumbing, electrical and other upgrades, as well as painting and new flooring and appliances, Potikyan said.
When the rehab work is complete on their former apartments, the 15 tenants will return to those units.
Five other residents who live on the site through a month-to-month lease agreement with the nonprofit Oasis organization will move out by Dec. 4. They were asked to leave in October, but they requested more time, which the owners granted, said Potikyan.
The five tenants were expected to be relocated to Alexandria House, a transitional center for women and children in the neighborhood.
Among the tenants still in residence is David Weidman. He refused the $120,000 buy-out bid and the $150,000 before that. “In this day and age, that would not get me very far, after I pay taxes and insurance,” said the retired pastry chef. He pays $997 a month for his unit.
Category: Real Estate
