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September 28, 2007
Mixed-use project near transit hub moves ahead
LA Daily News
BY Rick Orlov
Another developer was chosen over Forest City, the developer of Atlantic Yards, this time for a megaproject in LA.
A $1 billion development that would shape the North Hollywood skyline took a big step forward Thursday as the Metro board approved negotiating with Lowe Enterprises for the massive mixed-use project.
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Metro staffers recommended Lowe's plan over proposals by CIM Group and Forest City, based on an outline of the development - which includes extensive environmental considerations - the mix of residential and commercial space and the firm's financial abilities.Robert Lowe, head of the company that has been doing business in Los Angeles for 35 years, said he is looking forward to the project and negotiations.
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The deal to negotiate with the Los Angeles-based real estate company came after the Metro board resolved an unusual conflict-of-interest snag.The key vote become tangled after 11 of the 13 Metro board members were barred from casting ballots because they all had received campaign contributions connected to projects considered for the site.
NoLandGrab: Though Forest City Enterprises lost this bid, the article seems to insinuate that Lowe, the winning developer, has as tight of a grip on the political process in LA as Bruce Ratner does here in NYC. Which leads to the question, is turnabout fairplay?
Posted by lumi at September 28, 2007 9:25 AM