Coming across as greedy is proving problematic for Bond Cos, the developer behind Chinatown's planned mixed-use Blossom Plaza. The Los Angeles Times' David Zahniser reports that Bond Cos recently sent out marketing materials on the project indicating that investors could get a return of 42.3% on the project, a move that has ultimately prompted the Community Redevelopment Agency (CRA) to limit taxpayer subsidies on the project.
More via the Times: "The redevelopment commission voted 4-0 to seek an agreement that will reduce the size of the city's subsidy to Bond if Blossom Plaza delivers a return of more than 10% to the company." Additionally, Commissioner Madeline Janis notes she is completely disturbed by the marketing materials and is now questioning "the integrity of this developer." Assuming whoever decided to draw up those marketing brochures has been fired at this point.
Meanwhile, a refresher on the project: 169 residential parking spaces, 175 commercial and public parking spaces for a total of 344 parking spaces in a public and private, subterranean and above ground, parking structure on an 84,156 square foot site located adjacent to the Chinatown Gold Line Metro Rail Station."
· L.A. board moves to limit public subsidy for Chinatown project