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More on the Drama of the Dusty Parcel in Koreatown

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As reported a couple of weeks ago, the Tokyo-style vertical mall planned for a 2.1 acre site at Wilshire and Vermont is a no-go, and the replacement project, a mixed-use complex, may have hit the skids too, mainly because the Community Redevelopment Agency had much of its funding yanked when the budget was finally balanced.

The Los Angeles Business Journal (no direct link unless a subscriber) provides a few more details in their story on the matter: the proposed mixed-use structure, across from the nexus of the Red and Purple Lines, is a $200 million project that would include 443 apartments and 51,000 square feet of retail space. The CRA was planning on providing $4 million toward the project in exchange for the owner and developer, Portland-based Gerding Edlen, providing affordable housing. That $4 million is probably gone now, as are the affordable housing units; Gerding Edlen insists the project will move forward, just without the affordable housing. But Andrew Westall, senior deputy for City Councilman Herb Wesson, says without the CRA subsidy it may be hard for the project to obtain the needed funding to even break ground. It's a scary new world.
· Koreatown Project May Feel Pain of State Cuts [LABJ]
· Vertical Mall Never Happening [Curbed LA]