Two updates:
The building along Alvarado directly across from MacArthur Park has concluded its renovation, and looks quite sharp. Unfortunately, my excitement faded away when I read that upon its conversion from an SRO, it was made int 79 "affordable housing" units. They're for seniors, which really isn't that bad, that Westlake and Pico-Union have more than enough low-income housing. Part of the reason they're such shitholes is that only poor peasants from Central America live there, and do little upkeep on the (said low-income) properties.
Here is the link to the development.
Also, on Cahuenga, near Hollywood, there is a small Art-Déco building covered in shrouding, presumably undergoing a renovation or facade repair.
Here is the building in mention.