LA real estate
fromtherealdeal.com
14 hours agoRexford sells real estate while former co-CEO sells shares
Laura Clark has officially taken over as CEO of Rexford, ending the tenure of co-CEOs Michael Frankel and Howard Schwimmer.
First Interstate Mortgage Co.'s income property division has arranged a $2.3-million construction loan and $2.6-million permanent loan for the rehabilitation of an existing three-story building in Pasadena, located at 95 N. Marengo St.
The city is at a crossroads. Some areas of the town are 30, 35 years old and may need more attention than the newer areas. We have a dichotomy of needs in that we have to provide services to both the old and the new sides of town.
City leaders have adjusted the Inclusionary Housing Ordinance to breathe life into dormant projects. The update shifts affordability tiers for rental units from 50, 60, and 100 percent of area median income to 60, 80, and 110 percent, easing the path for developers to move forward. This pivot aims at households caught between subsidized options and soaring market rates, fostering a broader mix of homes that reflect the city's diverse rhythms and needs.
Two veteran real estate firms are eyeing a proposal to produce well over 400 homes at an office building site in San Jose in a fresh indication that housing conversion efforts remain of interest to developers. The potential development site is at 3550 North First St. in San Jose, a property that is owned by an affiliate of LBA Realty, Santa Clara County real estate documents show.
In recent weeks, videos have circulated on social media showing rampant paint tagging and destruction inside the structure that was a cultural touchstone in the Orange County city of Westminster for decades after it opened in 1974. In its heyday, the mall was a gathering spot when there were few other places to hang out. It was where kids found the latest fashions and where "mall rats" roamed in packs after school.
We're obviously not reinventing the wheel in our master plan for EastLake. We've learned what to do and what not to from our experience at Irvine and from looking at features in other master-planned communities, and we hope it will show at EastLake.
Since purchasing the land last year, Oceanwide has reworked the design for the Fig Central development, adding a third tower in the process. The $1-billion project now consists of two 40-story high-rises and another high-rise at 49 stories. In all, 504 condos, 183 hotel rooms and nearly 450,000 square feet of retail space are planned.
It is proposing: 670 apartments, 101 of which will be offered at below market rates, Three office buildings totaling 740,000 square feet of office space (which is large enough for 2,960 employees using the benchmark of 250 square feet per worker), A 15,000-square-foot childcare center, 40,000-square-feet of retail space and 3 acres of open space, including a dog park and 1.5 acre "redwood lawn."