With our free press under threat and federal funding for public media gone, your support matters more than ever. Help keep the LAist newsroom strong, become a monthly member or increase your support today.
Irvine-based company buys massive downtown LA site for $130M
An aerial photo shows the plot purchased by Irvine-based developer SunCal. The two long, white buildings that appear diagonally near the center sit on the property and have been used as food distribution centers.
(
Courtesy of SunCal
)
A downtown Los Angeles site the size of 11 football fields has been bought by an Irvine-based developer of master-planned communities.
SunCal bought the property for $130 million, according to Bloomberg, which first reported the story. In a statement to KPCC, SunCal said it cannot confirm that figure, due to a company policy.
The 14.6-acre property lies in the Arts District between Alameda and Mill streets and is bounded on the north by Sixth Street.
Support for LAist comes from
The company has no specific plan for the property yet but intends to meet with community stakeholders and the city's planning department to ensure any development "fits with the fabric of the Arts District," David Soyka, SunCal's vice president of public affairs, told KPCC on Wednesday.
In a statement Soyka shared via email, the company suggested the community "could be interested in a variety of different forms of housing types including live/work and creative office space" that "may also include public gathering space."
Soyka said he hoped to present a plan by the end of the year so the company could begin the environmental review process in 2016.
The property currently contains a pair of food distribution warehouses.
Some of SunCal's other developments in Southern California include Ameritage Heights in Fullerton and Mandalay Bay in Oxnard, according to the company's website.
The company is also involved in a competition over what may be the largest development project in the Bay Area, a plan to convert the massive former naval base in Concord into more than 12,000 units of housing and more than 6 million square feet of new commercial property. That project is estimated at about $6 billion, according to the San Francisco Business Times.
Bloomberg points out that SunCal barely survived a partnership with Lehman Brothers Holdings Inc. after the investment bank's 2008 collapse.
Support for LAist comes from
This story has been updated.
At LAist, we believe in journalism without censorship and the right of a free press to speak truth to those in power. Our hard-hitting watchdog reporting on local government, climate, and the ongoing housing and homelessness crisis is trustworthy, independent and freely accessible to everyone thanks to the support of readers like you.
But the game has changed: Congress voted to eliminate funding for public media across the country. Here at LAist that means a loss of $1.7 million in our budget every year. We want to assure you that despite growing threats to free press and free speech, LAist will remain a voice you know and trust. Speaking frankly, the amount of reader support we receive will help determine how strong of a newsroom we are going forward to cover the important news in our community.
We’re asking you to stand up for independent reporting that will not be silenced. With more individuals like you supporting this public service, we can continue to provide essential coverage for Southern Californians that you can’t find anywhere else. Become a monthly member today to help sustain this mission.
Thank you for your generous support and belief in the value of independent news.
Chip in now to fund your local journalism
(
LAist
)
Trending on LAist
-
Heavy rain from the early-season storm could trigger debris flows. Snow is also possible above 7,000 feet. -
Jet Propulsion Laboratory leadership announces that 11% of the workforce is being cut. -
The rock legend joins LAist for a lookback on his career — and the next chapter of his music. -
Yes, it's controversial, but let me explain. -
What do stairs have to do with California’s housing crisis? More than you might think, says this Culver City councilmember. -
Doctors say administrator directives allow immigration agents to interfere in medical decisions and compromise medical care.
Best of LAist