Late last year, the city of Los Angeles passed a new plan to build 500,000 new homes by 2029. That move was overturned earlier this week by state officials.
“City of Los Angeles Planning was advised by the California Department of Housing and Community Development (HCD) yesterday that the state would like to see some clarifying changes reflected in the City of Los Angeles’ recently passed bylaw. Housing element 2021-2029or the Plan to House LA,” the Planning Department announced Wednesday.
The Los Angeles Times reports that the city must now rezone to accommodate an additional 250,000 homes by October 2022, a deadline that could be difficult to meet. Failure to obtain certification for the housing component could cost Los Angeles billions in affordable housing subsidies.
A Netflix-leased office campus in Hollywood is trading hands, Newmark announced this week.
The approximately 75,000 square foot Hollywood Media Campus, located at 1350 N. Western Avenue, was sold for $93 million by Gemdale USA Corp. at The Georgetown Company, a New York-based real estate investment firm.
“The Hollywood Media campus offered the ideal combination of stable revenue from existing leasing coupled with the potential for growth from the adjacent plot development,” Newmark’s Kevin Shannon said in a statement. “The new owner will have a variety of options for the site, ranging from development by right to pursuing a zoning change to increase density.”
Here’s what we’re reading this week:
Downtown LA’s secret weapon “What if, in the next phase of downtown development, as hybrid working makes traditional office strategies a thing of the past, such residential – not commercial – growth is what matters?” (Trade Observer)
LA’s first museum dedicated to Mexican cuisine opens downtown “LA Plaza Cocina debuts with an exhibition dedicated to corn, Mexico’s gift to the world” (LA Eater)
Assemblyman Phil Ting reintroduces bill to decriminalize jaywalking “Citing statistics that show California’s jaywalking laws are primarily used to cite black and brown people in California, the assemblyman Assemblyman Phil Ting introduced a new bill, AB 2147, to end the practice of stopping and citing pedestrians. who pose no danger to themselves or others when crossing a street.” (Streetsblog CA)
Interest in District-Sponsored Teacher Housing in California Grows “The report’s conclusion: half of California’s 151,500 school district-owned acres are potentially developable; these sites are located on 7,068 properties; 61% are located where beginning teachers face difficulties in finding accommodation. . And 1 property out of 5 is particularly suitable for housing, after weighting the income of employees and the zoning of sites and other assets. (Ed Source)
Virgin Hyperloop transitions from passengers to freight by laying off half of its staff “Virgin Hyperloop, formerly known as Hyperloop One, has achieved significant milestones, including the first-ever trial with human passengers. But, like many companies trying to bring the experimental technology to fruition, it also struggles to attract funding and talent, and to meet deadlines. In 2017, company executives said The edge they expect to see “functional hyperloops worldwide…by 2020″. This date was later pushed back to 2021. There are currently no working hyperloops in action.” (The Verge)
Hollywood Burbank Airport Files Environmental Lawsuit Against California High-Speed Rail ‘Lawsuit alleges rail authority’s plans for tracks and a subway station near the airport could affect its operations and its safety. She is asking the state agency to reformulate its designs with a new environmental impact report that it would circulate for public comment.” (LA Times)
UCLA Advocates for Campus Station on Metro’s Proposed Sepulveda Rail Line “In order for Metro to meet connectivity goals as well as equity, diversity, and inclusion goals, UCLA also strongly believes that the Sepulveda Line must connect directly to the Purple Line station in Westwood Village to make it easier for people in the easternmost part of the county to get to and from UCLA.(UCLA)