Local news in Brief : USC Corporation’s Plan Gets Go-Ahead
The real estate development corporation formed last year by USC to change the neighborhoods surrounding the Los Angeles campus has proposed its first major commercial deal--a mixed-used project with a hotel, offices, stores and USC research space just south of Jefferson Boulevard between Figueroa and Flower streets across from the university.
The Community Redevelopment Agency this week authorized the USC corporation as the lead partner in the project and gave it 90 days to negotiate a contract with co-developers, local businessmen Nicholas Shammas and Jim Jones. A parking lot and a fast-food restaurant are on the four-acre site, which is in the CRA’s Hoover Project area.
Under study are two options. One estimated to cost $101.4 million calls for 592,000 square feet of building and parking for more than 1,200 vehicles. A $137.3 million plan, which would require variances because it exceeds current building limits, calls for 782,000 square feet of building and 1,800 parking spaces.