Redevelopment Project Consultants Archives

Project Consultants for Community Redevelopment

Project consultants for community redevelopment providing analysis and due diligence required for “blighted area” designation, in connection with the 1,107-acre community redevelopment project area for the Hollywood community (Los Angeles, California). The Hollywood Redevelopment Plan was subsequently formally approved and placed under management of the City of Los Angeles redevelopment agency.

Our work as redevelopment project consultants included extensive review of companies, jobs, and residents within the proposed redevelopment project area. Among the interesting analytics to emerge from this due diligence, was our compilation of the extensive industry “back-of-house” that existed throughout Hollywood – the myriad of professionals and small businesses that together are the foundation of Hollywood’s film, television, music, and overall creative industry. Among many, one rationale for the Hollywood redevelopment project area was simply the need to preserve an enhance this foundation of creative industry small businesses throughout Hollywood – an economic development imperative.

Among the projects pursued according to the redevelopment plan was Hollywood & Highland which opened in November 2001, a development of TrizecHahn. Hollywood & Highland was part of a strategy to revitalize Hollywood Boulevard. The well-known urban entertainment project was built with partial funding from the Community Redevelopment Agency.

Our work in providing the due diligence support for this required blighted area designation was on behalf of the Community Redevelopment Agency of the City of Los Angeles, at the time, the municipal agency response for the Hollywood district. More precisely stated, our work and the redevelopment plan was prepared by the Community Redevelopment Agency of the City of Los Angeles, California (the “Agency”) pursuant to the Community Redevelopment Law of the State of California (Health and Safety Code, Section 33000 et seq.), the California Constitution, and all applicable local codes and ordinances, and is based on the Preliminary Plan as amended.

Our work and the resulting redevelopment project area designation was prior to action taken by former California governor Edmund Gerald Brown Jr. in 2011, to abolish the hundreds of local California community redevelopment agencies. The Governor later sought and secured voter approval in 2015 for the rebirth of incentivized local redevelopment through the Community Revitalization and Investment Authorities (“CRIAs”) Act (California Assembly Bill 2).

Project consultants for community redevelopment, regarding the redevelopment project plan for the Hollywood district of Los Angeles.

Feasibility Study for Affordable Housing Project

19.08.1981 Due Diligence Consultants, Public Sector Work, Redevelopment Project Consultants

Feasibility study for affordable housing project then known as the Rodeo La Cienega Redevelopment Project Area (Cameo Woods) in Los Angeles, California. Our work as local government real estate consultants included a market study with financial analysis, along with select due diligence review, for the proposed condominium conversion of a 384-unit rental housing community.

The developer for this 27-acre redevelopment project was Hotel del Coronado Corp. (San Diego). The Community Redevelopment Agency of the City of Los Angeles was the public agency involved with this affordable housing initiative. The Community Redevelopment Agency of the City of Los Angeles was a local community redevelopment agency that financed and assisted in the development of multifamily affordable housing using local tax monies and federal community development grants. The State of California dissolved all such community redevelopment agencies in June 2011. When it was first established in 1948, the Community Redevelopment Agency of the City of Los Angeles was dedicated to revitalizing, refurbishing, and renewing economically depressed areas of the City of Los Angeles.

Our project feasibility study was used to support the financing for the project, provided through the State of California SB-99 mortgage revenue bond program. California law in the 1980’s authorized both state and local governmental entities to issue tax-exempt mortgage revenue bonds (“MRBs”). The proceeds from the sale of these bonds was used to provide financing for the development of housing at interest rates that were below prevailing market rates. At the time, State law generally restricted availability of this subsidized financing to low- and moderate-income households.

Subsequent to our feasibility study for this affordable housing project the SB-99 mortgage revenue bonds were issued and the developer proceeded with the condominium conversion of the former apartment community. The residential community is situated adjacent to the region’s Baldwin Hills community.