The Los Angeles City Council has approved a new entertainment and sports district venue and costs are expected to exceed $1 billion. The “mini city” will be located near the Warner Center and the developers have remarkably taken the needs of the community into consideration unlike the Hollywood Park Project in the city of Inglewood.
Inglewood developers Wilson Meaney were approved for the stadiums initiative in January 2015 at the site of the former Hollywood Park racetrack. Initially, the city’s former Redevelopment Agency, put $40 million into the site to create more affordable housing. When the Inglewood city council approved the revised project, the developer noted that the city requested NO affordable housing on the site.
According to the Los Angeles Times, on a 14-0 vote, the council approved Promenade 2035, which is expected to cost more than $1 billion, replacing a closed shopping mall in Warner Center with a new “downtown district” featuring a supermarket, public plazas, high-density housing and a 10,000-seat entertainment and sports venue.
Unibail-Rodamco-Westfield, the project’s developer, agreed to set aside 5% of the project’s housing units for very low-income families, serving households that earn less than 50% of the area median income, which is currently $77,300 per year. Another 5% would be allocated for “workforce” housing, targeting households that earn 120% to 150% of area median income, a Blumenfield aide said.
It makes you wonder if Mayor Butts took a brown paper bag of cash to ensure no low-income folks lived across from Stan Kroenke’s architectural masterpiece.
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