Things are always changing in Los Angeles, with new buildings being constructed and real estate changing hands. Here is a look at a couple changes that you might soon see on the L.A. landscape.
Construction of Palladium Residences Receives Approval
The Los Angeles City Council recently voted to approve the construction of the Palladium Residences. Despite the fact that the building would bring 730 units to Hollywood within two 28-story towers, some area residents are not too happy about the development. In fact, the neighboring AIDS Healthcare Foundation has been actively opposing the building, claiming the approval of the building is just another example of the “pay to play” culture that has allowed developers to take advantage of spot zone variances and exemptions.
Located across from the proposed apartment site, the AIDS Healthcare Foundation has announced plans to sue in an attempt to block the new project from moving forward. According to the organization, the new building will be too big for the neighborhood and, as such, does not comply with zoning regulations. Developer Crescent Heights, on the other hand, claims the size of the Palladium Residences will help to meet the demand for a greater amount of housing in Los Angeles.
The AIDS Healthcare Foundation is battling the development of the Palladium through its offshoot activist group, the Coalition to Preserve L.A. The coalition’s aim is to halt mega developments in areas that were not zoned for large structures. The organization has already proposed a ballot measure known as the Neighborhood Integrity Initiative, which would put a two-year ban on any projects requiring city approval to bypass zoning rules. The ballot is currently slated to be on the March 2017 ballot.
Parking Lot Company Pays $30 Million for South Park Location
With downtown Los Angeles development rapidly taking place, many companies are purchasing land with the goal of building a high-rise. The L&R Group, however, has a different plan. Manager of Wally Park and Joe’s Auto Parks as well as more than 80 lots in downtown L.A., the L&R Group has reportedly paid $30 million for a 1.5-acre site located just north of the 10 and south of the L.A. Convention Center. Currently, the company does not have any plans to develop the property for residential purposes. Instead, it looks as if the company may be developing a multi-level parking lot that will be anchored by a ground-floor retail establishment. Thanks to its location just blocks from the Staples Center along the Figueroa Corridor, the lot is likely to see a significant amount of use.
This isn’t the first time L&R purchased land on Figueroa. In fact, the company bought a parcel in 2011 located right across from the L.A. Convention Center. Some expressed disappointment that the land was not going to be put to better use, particularly following a study last year that found that 14 percent of the city’s land is used for parking. While parking may be difficult to find downtown, some city planners maintain that reducing parking can encourage people to find alternative means of transportation while also helping to decrease traffic problems and density.
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(all data current as of 5/29/2017)
Listing information deemed reliable but not guaranteed. Read full disclaimer.