LA River Revitalization Sidetracked?
The $1B plan to revitalize 11 miles along the LA River may be in jeopardy, according to KCET. The station is reporting that a newsletter released by Friends of the Los Angeles River says the US Army Corps of Engineers may be looking to put a hold on the project. At the epicenter of the rising costs is Piggyback Yard: 125 acres of river front land in DTLA. KCET reports original appraisals may not have been accurate, and any additional cost would be absorbed by the city.
Developers through the San Fernando Valley and LA have been banking on the revitalization, building new multifamily properties using the restoration as a marketing tool. Take nonprofit developer Abode Communities, which opened its Riverwalk at Reseda affordable housing complex this year. Other developers have been eying river property as well.
