Queensway Bay Lease Agreement Approved
The Long Beach City Council approved a 66-year ground lease with San Diego developer OliverMcMillan for the 17.6-acre site of the massive, planned Queensway Bay entertainment/retail project. Base year rent to the City is set at $1,450,000. But the rent is subordinated during the project's first years to a 12.5% preferred return to the developer. The Coastal Commission is scheduled to consider amendments to the local coastal plan in June that will allow the development to move forward.
City Council Expected to Endorse Hollywood/Highland Project
The L.A. City Council is expected to approve Toronto-based TrizecHahn's plans for a 640,000 S.F. mixed-use entertainment/retail project at Hollywood Blvd. and Highland Avenue. The Council action will authorize spending $90 million for a 3,000-space neighborhood-serving parking garage and a 3,300 seat Academy Award theater, both of which the City will own.
McClintock Redevelopment Bill Dies
Assembly Member McClintock's (RGranada Hills) AB 1677, which would have required a two-thirds popular vote for new bond issues by redevelopment agencies, died in the Assembly's Housing & Community Development Committee last month. The committee's 5-7 vote split along party lines. A spokesman for the Assemblyman said he will continue to pursue an anti-redevelopment agenda next year.
West Hollywood Redevelopment Finalists Chosen
The City of West Hollywood named six finalists in the RFP to redevelop a parcel on the southwest corner of Santa Monica Blvd. and La Brea Ave—Costco Companies, Crown Realty & Development, OliverMcMillan Development, The Olson Company & Hopkins Real Estates Group, Regent Properties, and J.H. Snyder Co. The City extended the due date for proposals to June 12th.
L.A. OKs Big Tujunga Golf Course
The Los Angeles City Council reversed a July 1997 decision and approved 10-4 Foothill Golf Development Group's proposal to develop a gold course on the 650-acre Tujunga Wash. City Attorney warnings of possible takings liability due to last July's vote reportedly figured prominently in the Council's action. Prior to the recent vote, the City had won additional concessions from the developer, including increased dedication of open space.
Large Retail/Residential Project Proposed East or Santa Clarita
Pasadena-based Pacific U.S. Realty is proposing a major new development on 1,310 acres east of the Antelope Valley Freeway that it hopes will be annexed to the City of Santa Clarita. A draft EIR for the project—which includes a 50-acre regional mull and 866 homes—is expected by the end of June. City Planning officials are reportedly working to ensure workable connections between the residential and retail components of the project.
OC Headlands Project Gets Go-ahead
Late last month the Dana Point City Council unanimously gave preliminary approval to the Dana Point Headlands project. City Planning staff will begin drafting a specific plan and EIR for the project, which could include up to 185 homes, 70.1 acres of open space and a 100-150-room hotel. This project could be downscaled, however, following the sale of Chandis Acquisitions' (a Times-Mirror subsidiary) fifty percent interest in the project to Newport Beach based Master Plan Development Inc. for an estimated $60-70 million.
Clinton Launches PATH at Lee Group Project
President Clinton launched the national Partnership for Advancing Technologies in Housing (PATH) program with a May 4 visit to the Village Green, The Lee Group's planned transit-oriented housing development in the Northeast San Fernando Valley. The Village Green, which will break ground in July, will consist of 186 single-family detached homes designed to optimize energy efficiency and affordability. PATH is a public/private effort to speed market access to advanced building technologies which can improve the quality, durability, environmental efficiency, and affordability of the new and existing housing stock.
MaguirePartners Ups Playa Vista Equity
L.A.-based MaguirePartners has exercised an option that has more-than-doubled its equity stake—now 11 %—in the limited liability consortium controlling Playa Vista's commercial component. MaguirePartners, led by Managing Partner Robert F. Maguire III, has remaining options that, if fully exercised, would give it a 20.44% equity stake in the 1,087-acre coastal L.A. project.
Long Beach Aquarium Opening in June
The City of Long Beach is gearing up for grand openings of two projects key to its Downtown revitalization next month. Rainbow Harbor's pedestrian improvements and dock areas will be dedicated on June 19. The $117 million Aquarium of the Pacific, which will anchor the planned Queensway Bay project, opens to the public the following day.
Major Retail Proposed near Disneyland
The Pointe Orlando Management Company is proposing development of a 650,000 sq. ft. open air retail center facing Harbor Boulevard, near Disneyland. Although demolition of the 3,274-seat Melodyland theater has begun, no development application has been submitted. Developers are reportedly negotiating with FAO Schwartz over location of a flagship toy store in the complex.
El Segundo Council Approves Grand Avenue Corp. Center
The El Segundo City Council approved Morgan Stanley Real Estate subsidiary Kearney Real Estate's planned $200 million Grand Avenue Corporate Center. Plans call for two hotels, a 600,000 sq. ft. office/retail complex and a 120,000 sq. ft. training center/office complex for the Los Angeles Kings and Lakers. The five-year buildout could begin as early as August.
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