FivePoint Holdings will pay $25 million for environmental preservation, in exchange for access to the undeveloped L.A. County land.
After a long stalemate, a deal has been reached to develop Newhall Ranch in Los Angeles County. The deal between environmentalists and developers will allow the land to be built on, but includes some provisions for conservation. "Newhall Ranch will join other large developments in the works along the Interstate 5 corridor that together are likely to transform one of the last undeveloped sections of Los Angeles County," Louis Sahagun and Nina Agrawal report for the Los Angeles Times.
The agreement, which some environmentalist groups refused to sign onto, will allow FivePoint Holdings to build its homes, golf courses, recreation centers, and other properties in exchange for some considerations. "Under the deal, FivePoint Holdings, which is developing Newhall Ranch north of Los Angeles, has agreed to provide about $25 million for conservation efforts aimed at protecting an array of endangered species from plans to build the new city along a six-mile stretch of the Santa Clara River, the last free-flowing river in Southern California," Sahgun and Agrawal report.
FULL STORY: Deal for new city at Newhall Ranch fuels development boom transforming northern L.A. County
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