$2B Fourth & Central Project Gets Lift From Gov. Newsom
A $2B project called Fourth & Central, planned on the site of a Skid Row cold storage facility, has gotten a bit of help from Gov. Gavin Newsom.
Newsom certified the project for streamlining that would dramatically cut down the time frame for any legal challenges regarding the mixed-use project’s environmental analysis. a process that can take three to five years without this intervention, according to a release from the governor’s office.
“Through this important action, the Governor is signaling to the market that he will stand behind well-conceived projects that thoughtfully address the State’s urgent housing challenges, climate and transportation issues, and provide for a living wage all at the same time,” Continuum Properties CEO Mark Falcone said in an emailed statement.
The Denver-based developer is partnering with long-time owners of the site, Los Angeles Cold Storage Co., to build Fourth & Central.
It would not exempt the massive project — 10 buildings, 1,521 residential units, more than 400K SF of office space, 101K SF of retail and restaurant space, and 68 hotel rooms – from environmental review required by the California Environmental Quality Act. But it would affect how long those challenges could go on, with Gov. Newsom aiming to have cases conclude in fewer than 270 days, according to a statement from the governor’s office.
Challenges to the project are expected. Something of this size at the edge of Skid Row has a number of organizations in Little Tokyo worried about the possible impacts of the development on the existing low-income residents and on the area as a historic hub for LA’s Japanese community, the Los Angeles Times reported. These issues have already come up with the steady western growth of the Arts District.
This project is the third to receive this type of streamlining from the governor’s office and the first project including housing to receive it. The other two projects were a reservoir in the Sacramento Valley and a renewable energy project in Riverside, according to the LA Times.
