The city will buy two parcels of land next to Virginia Park to expand the park and to build up to 55 units of affordable housing, according to city staff.
Both sites, a total of almost 135,000 square feet, were intended to be developed into commercial and office centers.
Development of a retail center was proposed for the larger site--on the corner of Cloverfield and Pico boulevards--but the City Council rejected the plan. The site, which the city will buy for $6.3 million, is currently leased by two movie-production companies. The lease expires in August.
The owner of the smaller site, at 2201 Pico Blvd., intended to build a small retail and office building until he negotiated a purchase price with the city of $1.1 million.
This week, the council approved the purchases in closed session. Most of the money will come from the city's parks and housing funds.