State lawmakers have granted an extension to a previous deadline allowing LA city officials to rezone their communities to allow for more housing. 250,000 homes are required by the long term growth plan. The officials have until Fall 2024 to complete their plans and the penalty for missing the deadline is losing access to billions in state funding.
Development Updates in Los Angeles
Los Angeles based developer, SoLa Impact is planning 121 apartment units at Imperial & Main. 12 units are set to be for extremely low income residents and 1 ADU will be on the property. Additionally, there will be parking for 60 vehicles.
A hotel on Hollywood’s walk of fame is set to be replaced with new housing by CIM Group. The 146 unit mixed-use development was originally supposed to be a hotel, but CIM was unable to receive the rights to develop the area as a hotel. They instead opted to develop a mixed-use property.
1251 Sunset Blvd in Echo park is set to be developed into a 70 unit apartment building by AYM Investments LLC. On July 14th, 2022 the planning board approved of the project. The project also benefitted from Transit Oriented Communities development incentives,
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California Digest