Calabasas takes issue with Kanye West’s affordable housing domes, new Korean American museum design revealed: Daily digest

A daily round up of LA real estate news, deals and more for August 9, 2019
August 09, 2019 04:00PM

Every day, The Real Deal rounds up Los Angeles’ biggest real estate news. We update this page at 9 a.m., 12:30 p.m., and 4 p.m. PT. Please send any tips or deals to [email protected]

This page was last updated at 4 p.m. PT

Carson approves 175-unit condo project on former oilfield. The Victoria Greens complex is set to rise on a parcel on Central Avenue and Victoria Street following remediation. Around 6,100 square feet of soil will be removed and the developer must indemnify the city against any future health-related claims. [Daily Breeze]

 

West Hollywood residents protest Ross, SoulCycle and Equinox. The protest, planned for Friday afternoon, was over a fundraiser held for President Trump by the companies’ owner, Stephen Ross, founder of Related Companies. Some LGBTQ customers say while SoulCycle and Equinox brand themselves as LGBTQ-friendly, both are owned by a supporter of an administration they say hurts that same community. [LAT]

 

A $12 million listing becomes Long Beach’s priciest. A 7,700-square-foot home called Casa Oceana hit the market this week asking more than any other listing in the South Bay city. [Long Beach Post]

 

Zillow CEO Rich Barton (Credit: iStock and JD Lasica via Flickr)

Real estate stocks were calm this week amid the storm. Despite the escalating trade war and an uncertain market, the stock prices of 28 major real estate companies The Real Deal reviewed from opening bell Monday to close on Friday found 17 were up, with mostly small percentage drops for the other 11. Realogy had the biggest uptick while Zillow led the decline. [TRD]

 

Secretary of the Department of Housing and Urban Development Ben Carson (Credit: Getty Images and iStock)

Rich people are going to get richer no matter what, according to HUD Secretary Ben Carson. The frank words drew chuckles from investors at the Opportunity Zones Expo this morning. [TRD]

 

Calabasas pushes back on Kanye West’s affordable housing prototypes. West has already built several prototypes of the “Star Wars”-inspired housing units in his backyard, but city officials say he never got the permits. The rapper and clothing designer has to bring the project into compliance by mid-September or tear the prototypes down. [TRD]

 

Optimus Properties, LLC cofounders Kamyar Shabani and K. Joseph Shabani and the building

Optimus Properties, LLC cofounders Kamyar Shabani and K. Joseph Shabani and the building

Optimus Properties picks up Tarzana medical office. The property, Tarzana Tower, totals 85,000 square feet. It will be repositioned, and is next door to the Providence Tarzana Medical Center, which is undergoing a $540 million expansion backed by Cedars Sinai Medical Center. [TRD]

 

Rendering of the Korean American National Museum (Credit: Morphosis)

Rendering of the Korean American National Museum (Credit: Morphosis)

Futuristic design for Korean American National Museum revealed. The prolific architecture firm Morphosis showed off its new design at an event to announce $4 million in state funding for the Vermont Avenue project. In June, museum officials scrapped plans to include 103 housing units on the property. [Curbed]

 

John Stamos buys equestrian estate in Hidden Hills. The former star of “Full House” paid $5.75 millon for the new abode, which spans 5,750 square feet. The 1.5-acre property also has a basketball court, playground, garden, and barn. [LAT]

 

DTLA Flower Market redevelopment clears a hurdle. The collective that owns the market wants to replace part of the 4-acre property with a 15-story mixed-use tower with 323 residential units. Around 128,000 square feet of the tower would be split between office and market space. Another 39,000 square feet is set for event space and other commercial uses. The project now goes to the Los Angeles City Council’s planning committee. [Urbanize]

 

Related CEO Stephen Ross (Credit: Getty Images, Wikipedia, Facebook, and Twitter)

Stephen Ross’ empire is far bigger than Equinox and SoulCycle. Personally and through companies including Related Companies, RSE and Vayner Media, the billionaire has invested in more than 30 businesses. Ross is already facing business backlash after it was learned that he will host a fundraiser for Donald Trump at his Hampton’s home. [TRD]

 

There are now 17 people charged in connection with the 1MDB scandal. The fallout from the notorious money-laundering scheme has extended to a Goldman Sachs executive and a former executive, among others. Jho Low, the mastermind behind the scheme, was accused of diverting money from the $6.5 billion Malaysian fund to buy properties in New York and California. His properties are now being listed for sale as part of a forfeiture suit, while he remains at large. [NYT]

 

Zillow shares fell after its second-quarter earnings report. The listing giant’s shares fell 16 percent after changes to the way it serves ads alarmed investors. Zillow has shifted from conventional real estate ads to ads that target home-flipping. The company’s New York City listings platform, StreetEasy, caused caused two years ago when it released its Premier Agent ad program. [Bloomberg]

 

FROM THE CITY’S RECORDS:

A developer filed plans to demolish several single-family dwellings in Rancho Park and build a 43-unit apartment building, setting aside five units for extremely low-income residents. [LADCP] 

 

Compiled by Dennis Lynch