And yet another big development is almost close to getting to be unarrested! Last week, developer Forest City (of Brooklyn's already-infamous Atlantic Yards project, in addition to Metro on Hill St.) said that it would be taking over the mixed-use Blossom Plaza in Chinatown, according to the Downtown News. The city bought the site last year with the help of Community Redevelopment Agency funds, and the CRA received six bids for the project earlier this year, but it hasn't officially voted on or recommended Forest City yet. Developer Bond Cos. began work on the 1.9 acre site in 2007, then filed for bankruptcy on it in 2009 (it's home to the vacant-since-1998 Little Joe's restaurant).
Bond got approval for a project with 262 residential units with 20% affordable in two towers, 43,000 square feet of retail, a 372 space garage, and a 17,500 square foot plaza. Because it hasn't officially been selected, Forest City can't say what it plans to do yet--they say they'll stick close to the old, fully-entitled plans, but the DN says the number of units could be reduced to about 200. The project will still have to be approved by the City Council, but not by the CRA, and it sounds like Forest City will still get some of the sweet city subsidy cash promised to Bond.
· Major Chinatown Project to Move Forward [DN]
· Blossom Plaza Rising [Curbed LA]
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