REAL ESTATE NEWS
While the Downtown L.A. property market is not exactly what we’d call “doomed,” the neighborhood is certainly having its major issues at the moment. Los Angeles Magazine recently asked if the city hall corruption scandal might doom a massive DTLA development?
The corruption investigation into City Hall is now having an impact beyond the arrest of elected officials and people involved in local real estate development. Questionable building permit legitimacy could cause a revocation of permits and approvals.
We have not seen any documents or specific accusations of improper consideration linking the developer of OceanWide Plaza to accused city councilman Jose Huizar or any other politician, but some of the related chatter insinuates that something scandalous could perhaps be forthcoming. It could also be that the OceanWide project is totally legit, just embarrassingly broke. For now, it’s a neighboring construction project, Luxe, that is taking all the heat while OceanWide Plaza megaproject cooly collects dust.
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Copyright © This free information provided courtesy L.A. Loft Blog and LAcondoInfo.com with information provided by Corey Chambers, Realty Source Inc, BRE 01889449 We are not associated with the homeowner’s association or developer. For more information, contact 213-880-9910 or visit LAcondoInfo.com Licensed in California. All information provided is deemed reliable but is not guaranteed and should be independently verified. Properties subject to prior sale or rental. This is not a solicitation if buyer or seller is already under contract with another broker.