State Gets $5 Million to Protect Wetlands
The state Friday received an initial payment of $5 million in a complex $85-million deal that will give added protection to the Ballona Wetlands while providing land for one of the biggest developments in Los Angeles history.
Under terms of the deal negotiated last year by state Controller Gray Davis, developer Maguire Thomas Partners agreed to save an additional 60 acres of the wetlands near Playa del Rey from development. After receiving a check, Davis said the transaction will “preserve natural habitat in an urban environment.”
In exchange, the state will sell the developer 70 acres of prime land east of Marina del Rey for use in its proposed multibillion-dollar Playa Vista residential, office, retail, hotel and marina complex. The state acquired the property in 1988 from the estate of industrialist Howard Hughes in lieu of inheritance taxes.
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