Late last month, Metro's Board of Directors voted to re-up its deal to let a developer build 81 affordable apartments and between 6,000 to 12,000 square feet of retail on top of the Westlake/MacArthur Park subway station. The Source reports that the previous development agreement with MacArthur Park Metro, LLC had expired in 2013; it had turned out that the project was over budget by about $5 million. MPM scrambled to get new funding sources, found some, and is back with a new proposal that would get the project going again.
This would be the second and much-anticipated phase of the two-part project that has already put 89 affordable units on a plot just east of this one. The development would also shake things up for subway riders who use this station, as it will involve the closure and relocation of the north entrance/exit from the station (closest to the 99-Cent store). The south exit will stay put and remain open.
Westlake/MacArthur Park is in the middle of a development boom, but most of the housing is market-rate. The neighborhood is fancifying overall, with the revival of dormant theaters and old hotels.
· Actions taken today by the Metro Board of Directors [The Source]
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