Group Awarded Exclusive Project Negotiation Rights
The Board of Commissioners of the Los Angeles Community Redevelopment Agency has awarded South Park Consortium exclusive negotiation rights to develop a $300-million mixed-use project in the South Park area of downtown Los Angeles.
Starting last Dec. 31, the consortium has 210 days to develop preliminary plans and financing for the project, which would initially involve the construction of 1,923 rental housing units, 280,000 square feet of neighborhood retail and commercial space, a museum, a health club and 775,000 square feet of office space.
The preliminary proposal calls for the consortium to advance an estimated $58 million for the project, which--with $14 million pledged by the Redevelopment Agency--would pay for the acquisition of properties on three blocks bounded by Olympic Boulevard and 11th, Flower and Olive streets.
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