California To Become A Real Estate Developer?

With over $5 billion in unused real estate assets, the state of California proposes the assets, 'be managed like a high-quality real estate business.'

"Angelides cites as examples street-level parking lots surrounding Department of Motor Vehicles buildings throughout Los Angeles and the Bay Area. 'For example, if the state were to convert the block occupied by the DMV near Golden Gate Park to a mixed-use housing and retail complex, the project could create $25 million in returns for Californians,' says a paper describing the plan."

Thanks to Laura Kranz

Full Story: Intellectual Property

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