Builders Driving a Boom in South L.A.
Aided by federal tax credits and booming demand in the region’s real estate market, housing developers have been buying South L.A. properties and razing old factories to make way for apartments, condos and single-family homes in neighborhoods where some lots have stood vacant since the 1992 riots, the Los Angeles Times reported. The amount of redevelopment south of the Santa Monica Freeway remains fairly small, and the vast majority of new projects are affordable housing that is publicly subsidized through tax credits. But the quickening pace of construction and the new interest in South L.A. among developers may signal a turn for the area. Although the pace of new apartment permits in South L.A. has tapered off in the last year, the Los Angeles Planning Department says there were three times more permits for new multi-family housing projects in South Los Angeles in 2003 and 2004 as in the previous two years.
Arnold to Call Special Election
Defying Democratic obstinacy and public resistance, Gov. Arnold Schwarzenegger today will call a special November election for voters to decide on a package of government reforms that could radically overhaul how Californians spend state tax dollars and elect their politicians, the Daily News of Los Angeles reported. Despite polls showing tepid support for a special election and the refusal of majority Democrats to negotiate on education reforms and other constitutional changes, Schwarzenegger is ready to fulfill the vow he made when elected to shake up Sacramento and change the way state lawmakers do business. A recent Public Policy Institute of California poll found only 33 percent of adults support Schwarzenegger’s plan for a special election.
For ABC, Less Is More in ‘Upfront’ Ad Market
This year’s “upfront” television advertising is just about over. But even before all the deals are done, a consensus is clear: This was ABC’s year. Ending a four-year sales slump, the Walt Disney Co. network parlayed the sky-high ratings of hits like “Desperate Housewives” into a 30 percent increase in dollar commitments for prime-time ads compared with last year. ABC was also said to have outmaneuvered its rivals by selling its ads at lower-than-expected rates. This strategy enticed advertisers to commit $500 million more to ABC than they had in 2004. It also forced the other networks to follow in ABC’s wake, effectively dictating not just their prices, but their tactics, the Los Angeles Times reported.
Marina Area Site May Pit Developers, Residents
The site of the U.S. Postal Service’s Marina Processing and Distribution Center along Jefferson Boulevard a flat 20-acre gem on Los Angeles’ crowded Westside seems almost destined for more homes or another big box retailer. With the market at nearby Playa Vista “hot,” the key parcel that will be vacated this summer is causing buzz. Although the Postal Service hasn’t said when the property will go on the market, there’s a month before the Marina plant shuffles operations to a facility in South L.A. As the July 14 closing nears, residents have shifted into action, hoping to convince the right people that the property now zoned for light manufacturing, which is valued at least at $35 million, would be best-suited as a community park. A Postal Service spokesman said the property will go for what the market will bear.
Rustic Canyon Funds Newspapers
A Texas-based Latino newspaper group has received an $18-million investment from a pair of venture and equity firms including Rustic Canyon Partners of Los Angeles. The funding, announced Sunday, is to be used by Meximerica Media, publisher of the Rumbo chain of Spanish-language newspapers, to complete development of papers serving the Austin, Houston, San Antonio and Rio Grande Valley regions of Texas and to launch additional Rumbo papers in that state. Rustic Canyon partnered with Pinto America Growth Fund of Houston to lead investors providing financial support to San Antonio-based Meximerica, the Los Angeles Times reported.
