The pilot program and related recevelopment along that section of the Los Angeles River program will definitely be positive for commercial real estate in that corridor, especially along Blake Avenue, in Elysian Valley where prices are already rising.
Residential real estate prices are rising as well in Elysian Valley (Frogtown) but not without some culture clash, since long time residents resent the recently added Bicycle Path along the River there and its negative impact upon local pedestrians walking and fishing along the River. In addition, Elysian Valley is currently a shopping desert - residents must drive/bus to other areas for virtually all their grocery, transportation and lifestyle needs.
In addition, there is some concern that the popularity of the Bike Path and the Pilot Paddling Program will bring more outside visitors into Elysian Valley, negatively impacting its current high affordability factor, quietness (except for freeway hum) and community feeling.
Thus, at this point, it's a mixed bag what the future will bring, especially since most of the LA River Revitalization Master Plan implementation is currently unfunded.
For more information on the current NELA Corridor Study, visit http://www.mylariver.org.
As a current member of the EPA Los Angeles River Federal Partnership Pilot Program, I follow LA River corridor real estate extensively. Feel free to contact me if I can be of assistance to you in selling or buying LA River adjacent property.
Broker Associate 01142186