The developer of a new condominium tower in Los Angeles gave local homeowner groups an equity interest in a future residential project in exchange for project approval.
"Developers often work out monetary settlements with associations to address the concerns of local homeowners. And in exchange for fixed payouts, the groups agree not to oppose a development."
Yet new twist in this practice is the case of New York-based Related Companies, which is developing a new condominium tower on the former site of a St. Regis Hotel in Century City, an area of West Los Angeles near Beverly Hills. The developer struck a deal with nearby homeowner groups, promising them an equity interest in another of the company's developments on the drawing board, given the neighbors a percentage of the income from the other condo project.
"Real estate industry professionals say that revenue generated by the nearby Century Woods Estates development – which has yet to move beyond the conceptual stage – would likely be quite a bit larger than a simple monetary settlement. It is unclear, however, how much money that would be.
'It is a gamble, but I would hope it would be in the many millions,' said Mike Eveloff, president of the Tract 7260 Association and a member of the coalition of homeowner associations that worked out the deal."
FULL STORY: Homeowners May Get Share of Future Project
Depopulation Patterns Get Weird
A recent ranking of “declining” cities heavily features some of the most expensive cities in the country — including New York City and a half-dozen in the San Francisco Bay Area.
California Exodus: Population Drops Below 39 Million
Never mind the 40 million that demographers predicted the Golden State would reach by 2018. The state's population dipped below 39 million to 38.965 million last July, according to Census data released in March, the lowest since 2015.
Chicago to Turn High-Rise Offices into Housing
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New Park Opens in the Santa Clarita Valley
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U.S. Supreme Court: California's Impact Fees May Violate Takings Clause
A California property owner took El Dorado County to state court after paying a traffic impact fee he felt was exorbitant. He lost in trial court, appellate court, and the California Supreme Court denied review. Then the U.S. Supreme Court acted.
How Urban Form Impacts Housing Affordability
The way we design cities affects housing costs differently than you might think.
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