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Cleantech Corridor Deal Rising From the Redevelopment Ashes

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Do you remember where you were the moment you found out the Cleantech Corridor green manufacturing site in the Arts District had been sold, and then the disappointment you felt when you realized the state Supreme Court decision to kill all recent redevelopment agency actions would endanger the long-awaited deal? Well, the deal to sell the 20 acre site to Trammell Crow isn't dead yet, according to the Downtown News, even though the successor agency for the Community Redevelopment Agency of Los Angeles missed a February 1 loan payment deadline to lender East West Bank. The deal was given new life when the bank granted an extension for the $13.1 million loan payment through May 1. The successor agency for the CRA/LA has responded graciously to the extra time: in a closed door session on March 29, "the successor agency considered four options for dealing with the site, but only one--executing the sale to Trammell Crow--seems to clear the entity of new debts, a requirement under the state law that eliminated CRAs," says the DN. Not only does the Trammell Crow deal seem like the only economically feasible deal, Trammell Crow is still prepared to play ball. Brad Cox, senior managing director at the firm, says, "We still have a high level of interest pursuant to terms of the November purchase agreement." Trammell Crow envisions "a 350,000-square-foot, $40 million manufacturing complex on the site." According to the terms of the November deal, the CRA/LA was on the hook for a $1.7 million environmental remediation for the site (the site's soil is full of trichloroethylene and other heavy metals). The successor agency board is expected to decide on the matter on Thursday, April 5.
· Cleantech Site Could Still Go to Trammell Crow [Downtown News]
· Arts District Cleantech Corridor Site Finally Sells [Curbed LA]