LA developers still cautious, despite Measure S defeat

Many say they won't be going on acquisition sprees in celebration

Mar.March 10, 2017 03:18 PM
Yard signs against Measure S (Getty Images)

The party seems to be winding down for those who fought Measure S, the anti-development initiative voters swiftly rejected this week.

Developers are now proceeding with caution, aware that the ballot measure exposed widespread anti-development sentiment and a mistrust of the planning process in Los Angeles. 

Many developers say they’re taking the hint and will not be going on any building sprees in celebration of its defeat, the Los Angeles Times reported.

Kevin Farrell, chief operating officer of Century West Partners, told the L.A. Times the ballot measure reminded the development firm to move carefully.

Other firms echoed the same sentiment, saying they’d scrutinize potential deals and make sure it had support from community members and City Council ahead of time.

Mark Tarczynski of Colliers International said Measure S was too far-reaching but showed how important it was for city officials to update zoning codes.

City Council made plans just prior to the election to have its codes updated by 2024.

“Nothing is better for us than having a fully vetted community plan that’s been through the war and everyone’s weighed in,” Farrell said to the Times. “That is all we can ask. We don’t go in and buy a site to pick a fight.” [LAT]Subrina Hudson

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