Fast-Tracking Housing
Commercial Observer
Connecting and informing industry leaders of trends and individuals defining the global commercial real estate landscape
America’s most populous state is fast-tracking a major mixed-use development in the nation’s second-largest city. Might it be a sign of things to come as governments the country over try to bridge a historic housing gap. Meanwhile, in New York City, a trio of investors wants to buy air rights over a famous church for tens of millions of dollars. Deals are happening.
— Tom Acitelli, Deputy Editor
Continuum Partners Gets Faster Approval for $2B Megaproject in Downtown L.A.
California Gov. Gavin Newsom has put Continuum Partners’ massive $2 billion mixed-use development planned for Downtown Los Angeles on the fast track. Newsom’s office announced Thursday plans to streamline approval of the 10-building project that will add 1,521 multifamily units — of which, at least 214 will be designated for low-income renters — along with 411,113 square feet of office space, 101,088 square feet of restaurant and retail space, and 68 hotel rooms. Called Fourth & Central, the project would replace a cold-storage facility between Little Tokyo, the Arts District and Skid Row. The plan still needs L.A. City Council approval. But, with the governor’s certification via Senate Bill 7, any legal challenges brought against the project must be heard within 270 days — reduced from the typical timeline of three to five years.
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Ken Griffin, Rudin and Vornado to Spend $78M for Air Rights Above Historic Cathedral
St. Bartholomew’s Church in Manhattan is planning to sell heaven itself, or at least 250,000 square feet of it. Ken Griffin of Citadel, Rudin Management and Vornado Realty Trust are in contract to purchase the air rights above the landmarked church at 325 Park Avenue for $78 million from the congregation, Crain’s New York Business first reported. The development rights will help the trio’s planned 51-story office building at 350 Park Avenue to serve as Citadel’s headquarters. Citadel was not involved directly in the deal pursued separately by Griffin and his joint venture partners, according to a source. The deal was negotiated last spring but only recently became public Wednesday after a court filing in Manhattan Supreme Court surfaced.
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