New Year Brings CRA Disaster in California

Newsletter, West
Tuesday, January 3, 2012
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The CRA's dissolution could be the final death knell for the $3 billion Grand Avenue Project (The Related Companies)

The CRA's dissolution could be the final death knell for the $3 billion Grand Avenue Project (The Related Companies)

Now that California’s Redevelopment Association (CRA) has doubled down and lost its bet with the California Supreme Court, leading to the scrapping of all the state’s CRAs, building projects across the state are in severe jeopardy. There are about 400 municipal redevelopment agencies in the state. Here are the projects in trouble for just one (albeit the largest): the Los Angeles CRA. They include nearly $100 million in grant funds to improve public infrastructure and create affordable housing and transit oriented development, the 126-unit Noho Senior Arts Colony in North Hollywood, the renovation of the historic Westlake Theater near downtown, the 35,000 square foot Wattstar Theater in Watts, the Cleantech Manufacturing Center south of downtown, and the biggest, the $3 billion Grand Avenue Project downtown. More than 20 projects in total are in danger. More to come on this huge news, including more lawsuits than you ever wanted to see.

One Response to “New Year Brings CRA Disaster in California”

  1. bob krieger says:

    Good news for beleagured taxpayers!

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