Today's Daily Trojan has an article discussing Governor Schwarzenegger's sign-off of a new bill that lets developers (in the guise of Business Improvement Districts) get their hands on money previously set aside for affordable home builders only. We glossed over the details, but that's essentially what it says. More interesting is a passage regarding plans from the Shammas Group for the area around USC, and how it might benefit from the newly available funds:
Darryl Holter, CEO of the Shammas Group, which owns car dealerships and property in the Figueroa Corridor... expressed interest in a $100 million investment project that would create more housing, transportation and green space in the area between USC and Downtown Los Angeles. Holter's interests include the creation of a 10-acre park covering area from the 110 Freeway to 23rd Street to Adams Boulevard, improved street lighting, bike lanes, a new signature Figueroa bus line and as many as 8,000 new residential units.
We contacted a friend at the CRA about these plans, including the new 10-acre park. Where would it go, we asked? Surprisingly, there are discussions about capping a portion of the 110 Freeway south of 23rd Street and creating an 8 to 10 acre park atop the freeway. The CRA will be hiring an outside contractor to study the feasibility of the 110 cap park some time soon. As you may recall, a freeway cap park is also being studied for a portion of the 101 Freeway running through Hollywood. The money might also be used to bring a lot of density to the very important Figueroa Corridor, further connecting Downtown with the USC area.
· Law to boost downtown development [Daily Trojan]
· Governor should kill Núñez's late-night bond grab [SacBee]
· Hollywood Freeway Park - Proposals Needed [Curbed LA]