LA’s vacant land could be turned into 225,000 new homes: report

Many of the parcels are city-owned parking lots

TRD LOS ANGELES /
Oct.October 27, 2016 08:45 AM

The city of Los Angeles might have enough empty lots to build up to 225,000 homes or apartments, according to a new report by the McKinsey Global Institute.

Citing public data from city and county planning departments, the report speculated that many of these lots are surface parking facilities that could be used for housing or single houses on double lots, the New York Times reported.

Other lots include land that the city could sell and use for affordable housing.

California will need to build at least 3.5 million homes within the decade in order to keep up with projected population growth, according to the Times. But to reach that goal, the current pace of construction will have to more than triple, the report found. That could cost the state up to $140 billion.

At least a handful of privately owned surface parking lots are already in the process of being transformed into housing. In Central Hollywood, Rick Selby of R. W. Selby & Company is planning an 86-unit apartment complex on the corner of Las Palmas and Selma Avenues, while an anonymous private developer is planning a 196-unit building on a 19,000-square-foot parking lot Downtown. [NYT]Cathaleen Chen


Related Articles

arrow_forward_ios
California’s housing shortage is the biggest in the nation, by far

California’s housing shortage is the biggest in the nation, by far

California’s housing shortage is the biggest in the nation, by far
As San Diego’s resi prices go up, buyers move farther out

As San Diego’s resi prices go up, buyers move farther out

As San Diego’s resi prices go up, buyers move farther out
National housing shortage may be the first sign of a downturn

National housing shortage may be the first sign of a downturn

National housing shortage may be the first sign of a downturn
Housing issues: What to expect — or dread — on the November ballot

Housing issues: What to expect — or dread — on the November ballot

Housing issues: What to expect — or dread — on the November ballot
Here’s who’s backing the fight against the Neighborhood Integrity Initiative

Here’s who’s backing the fight against the Neighborhood Integrity Initiative

Here’s who’s backing the fight against the Neighborhood Integrity Initiative
Eric Samek

Brasa Capital targets value-add properties for $100M credit vehicle

Brasa Capital targets value-add properties for $100M credit vehicle
Lori Loughlin and husband Mossimo Giannulli sold their 12,000-square-foot Bel Air mansion (Credit: Donato Sardella/WireImage via Getty Images and Realtor.com via Dirt.com)

Facing jail time, Lori Loughlin sells Bel Air manse at huge discount

Facing jail time, Lori Loughlin sells Bel Air manse at huge discount
Builders throughout the state get millions in loans even as work continued amid covid

Despite essential status, CA construction firms scored billions in PPP loans

Despite essential status, CA construction firms scored billions in PPP loans
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...