The developer of a new condominium tower in Los Angeles gave local homeowner groups an equity interest in a future residential project in exchange for project approval.
"Developers often work out monetary settlements with associations to address the concerns of local homeowners. And in exchange for fixed payouts, the groups agree not to oppose a development."
Yet new twist in this practice is the case of New York-based Related Companies, which is developing a new condominium tower on the former site of a St. Regis Hotel in Century City, an area of West Los Angeles near Beverly Hills. The developer struck a deal with nearby homeowner groups, promising them an equity interest in another of the company's developments on the drawing board, given the neighbors a percentage of the income from the other condo project.
"Real estate industry professionals say that revenue generated by the nearby Century Woods Estates development – which has yet to move beyond the conceptual stage – would likely be quite a bit larger than a simple monetary settlement. It is unclear, however, how much money that would be.
'It is a gamble, but I would hope it would be in the many millions,' said Mike Eveloff, president of the Tract 7260 Association and a member of the coalition of homeowner associations that worked out the deal."
FULL STORY: Homeowners May Get Share of Future Project
Pennsylvania Mall Conversion Bill Passes House
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World's Largest Wildlife Overpass In the Works in Los Angeles County
Caltrans will soon close half of the 101 Freeway in order to continue construction of the Wallis Annenberg Wildlife Crossing near Agoura Hills in Los Angeles County.
U.S. Supreme Court: California's Impact Fees May Violate Takings Clause
A California property owner took El Dorado County to state court after paying a traffic impact fee he felt was exorbitant. He lost in trial court, appellate court, and the California Supreme Court denied review. Then the U.S. Supreme Court acted.
California Grid Runs on 100% Renewable Energy for Over 9 Hours
The state’s energy grid was entirely powered by clean energy for some portion of the day on 37 out of the last 45 days.
New Forecasting Tool Aims to Reduce Heat-Related Deaths
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AI Traffic Management Comes to Dallas-Fort Worth
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City of Costa Mesa
Licking County
Barrett Planning Group LLC
HUD's Office of Policy Development and Research
Mpact Transit + Community
HUD's Office of Policy Development and Research
Tufts University, Department of Urban and Environmental Policy & Planning
City of Universal City TX
ULI Northwest Arkansas
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Planning for Universal Design
Learn the tools for implementing Universal Design in planning regulations.
