When I added 1332 Colorado Boulevard to the map and saw what appeared to be a construction fence and pillars of varying heights on Street View, my initial reaction was "what the hell was this?!"
According to the Los Angeles Times, Eagle Rock locals call it Pillarhenge.
Incredibly, the property has never been developed (a rarity in a built-up part of LA). The pillars go back to a Recession-era building plan that was never completed; the property was abated in 2010.
The current owner wants to add a mixed-use building (including apartments). Eagle Rock residents mostly don't care for the design, likening it to the "Love Boat".
Is it the most attractive design possible? Honestly, I don't care for it myself (I say if you're going to build something that looks like an ocean liner, you may as well go full Streamline Moderne).
But, better that than nothing. And mixed use means more housing units!
Regardless of what gets built, hopefully a local artist will pay tribute to Pinky the bird sculpture.