Bought at the height of the real estate market and intended for conversion into high-priced luxury apartment buildings, empty plots of land are littered throughout Los Angeles, undeveloped and quietly back on the market at greatly reduced prices.
"These units were intended for buyers so wealthy that their main challenge wasn't coming up with millions of dollars to spend but rather to find a dwelling that suited their refined tastes, developers said. It turned out that the target market of international jet-setters, movie stars and corporate barons wasn't as deep as many had hoped.
So the fact that many of these parcels come with hard-won government approvals for platinum-level developments doesn't necessarily add to their value, said Norris of Norris Realty Advisors.
He estimates that such commercial properties are worth about 40% to 60% of what they were at their peak in late 2007 and early 2008. But with today's tight credit market and tougher lending standards, few deals are being done."
Now, the high-rise condo market has dried up in L.A. and the planned residential towers no longer seem like such a good idea. Many real estate experts are left wondering what will happen with these empty plots and whether they will be able to materialize into any built projects within the next few years.
FULL STORY: After the bust, prime parcels at cut-rate prices

Rethinking Redlining
For decades we have blamed 100-year-old maps for the patterns of spatial racial inequity that persist in American cities today. An esteemed researcher says: we’ve got it all wrong.

Planetizen Federal Action Tracker
A weekly monitor of how Trump’s orders and actions are impacting planners and planning in America.

Walmart Announces Nationwide EV Charging Network
The company plans to install electric car chargers at most of its stores by 2030.

Nevada and Utah Groups Oppose Public Land Sell-Off Plan
A set of last-minute amendments to the budget reconciliation bill open up over half a million acres of federally managed land to sales.

More Than a Park: A Safe Haven for Generations in LA’s Chinatown
Alpine Recreation Center serves as a vital cultural and community hub in Los Angeles' Chinatown, offering a safe, welcoming space for generations of Chinese American residents to gather, connect, and thrive amidst rapid urban change.

New Trail Project Enhances Safety and Access to Rocky Flats National Wildlife Refuge
Jefferson County is improving safe access to Rocky Flats National Wildlife Refuge with new trails, a bridge, and signage, as part of the Rocky Mountain Greenway project, ensuring environmental safety and educating visitors about the site’s history.
Urban Design for Planners 1: Software Tools
This six-course series explores essential urban design concepts using open source software and equips planners with the tools they need to participate fully in the urban design process.
Planning for Universal Design
Learn the tools for implementing Universal Design in planning regulations.
City of Clovis
City of Moorpark
City of Camden Redevelopment Agency
City of Astoria
Transportation Research & Education Center (TREC) at Portland State University
Regional Transportation Commission of Southern Nevada
Toledo-Lucas County Plan Commissions