Council OKs Purchase of Downtown L.A. Lot
The Los Angeles City Council unanimously approved the $43-million purchase of a 10-acre parcel downtown for use as a surface parking lot.
The property at the northeast corner of Alameda and 1st streets, the site of the former Los Angeles Soap Co. plant, had been entitled for commercial and residential uses. Atlanta-based Trammell Crow Residential negotiated to buy the land to build up to 600 units of housing, but discussions were terminated after the city made its offer to buy the site. The land has been vacant for more than a decade since it was purchased by an affiliate of Taiwanese shipping company Evergreen Marine Corp.
City officials say the lot is needed to replace about 1,000 parking spaces that will be lost when the nearby Art Park property is developed for cultural uses.
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