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A Construction Industry Trend Revitalizing Cities: LA Plans Redevelopment

In recent news about real estate development, the City of Los Angeles recently passed a vote to buy an 11-mile, 41 acre piece of land from Union Pacific that stretches along the Los Angeles River. According to reports from the Los Angeles Times, the sale of the land will cost approximately $59.3 million. Los Angeles' recent purchase reflects current construction industry trends of revitalizing and redeveloping struggling areas and communities.

The land on the river has special meaning to LA, as indicated by the property's nickname, "crown jewel." Mitch O'Farrell, a LA councilman, is quoted in the article describing this fortunate, unusual purchase. O'Farrell calls the opportunity once-in-a-lifetime, saying it's unusual for a city to get such a large piece of land covering a river.

Over several years, the project will revitalize Los Angeles in the following ways.

  • Los Angeles will obtain control of the Los Angeles River along the land and will focus on decontaminating and cleaning it up.
  • There are plans to create a park initially along parts of the river, with the ultimate goal of adding soil and habitats that will re-attract wildlife. The park will have safe bicycling and hiking areas for residents.
  • A mile of concrete will be demolished, and neighborhood residents will have direct access to the river in this area for the first time in decades.
  • The city will work to widen certain key parts of the river.

The City of Los Angeles expects to close the deal on the land soon. They have half the funds for the project and hope to receive the other half from the federal government.

Excited about this planned revitalization to Los Angeles? Contact us to learn more about how we can help your business get involved in similarly revitalizing developments, and how we can help you market them and make them profitable.