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City Center Redevelopment Plan Approved

LOS ANGELES-The proposed 879 acre City Center Redevelopment Project Area is expected, over its 30 year life, to create up to 12,900 new units of housing--at least a quarter of which would be affordable to low and very low income households--and up to 6.7 million sf of new commercial and industrial development.

By Peter Landau | Updated on May 12, 2002

LOS ANGELES-The Community Redevelopment Agency and the Los Angeles City Council have approved the establishment of a new redevelopment project area for the downtown section of Los Angeles. While the ordinance adopting the plan requires a second vote of the city council before it can be sent to the mayor’s office for his signature, the news is another positive sign for the burgeoning area.

The proposed 879 acre City Center Redevelopment Project Area is expected, over its 30 year life, to create up to 12,900 new units of housing–at least a quarter of which would be affordable to low and very low income households–and up to 6.7 million sf of new commercial and industrial development. The plan also seeks to attract businesses and jobs, help the city’s homeless and rehabilitate historic buildings to return them to economically productive use.

Projected over a 45-year horizon, the proposal is expected to generate $2.4 billion in incremental property tax revenues, according to Don Spivack, deputy administrator of CRA. Of that $733 is earmarked for affordable housing, with the balance of $1.7 billion going to such things as acquisition and demolition of existing properties, historic renovation, homeless reduction, creation of parks, schools and public- and mental-health facilities. Spivack expects to leverage between $1 and $3 of private investment to each $1 of tax revenue on the project.

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