Trump administration eyes FAA building as homeless housing, city official calls for “anti-displacement zones” : Daily digest

A daily round up of LA real estate news, deals and more for September 18, 2019

TRD LOS ANGELES /
Sep.September 18, 2019 03:15 PM

Every day, The Real Deal rounds up Los Angeles’ biggest real estate news. We update this page in real time, starting at 9 a.m. PT. Please send any tips or deals to [email protected]herealdeal.com

This page was last updated at 3:15 p.m. PT

 

Trump administration takes interest in landmark FAA building. During their visit to L.A. last week, Trump administration officials secretly toured the vacant Federal Aviation Administration facility in Hawthorne as part of a plan that could see it be converted into government-run homeless housing. Worthe Real Estate Group owns the building, though it is in escrow to be sold to a commercial developer. Details remain scant, though it’s likely locals will oppose the project. [LAT]

 

The city should establish “anti-displacement zones.” That’s according to L.A. City Council president Herb Wesson, who said he does not support the fully market-rate “District Square” project. In a letter to the South L.A. Planning Commission, Wesson said the 577-unit residential project by Charles Co. would displace “lifelong community residents,” and that the city should implement “anti-displacement zones” around certain housing developments. [LAT]

 

Home of Golden Age film star hits the market. The one-time Brentwood home of Tyrone Power listed for nearly $12 million. It was designed by celebrated architect Paul R. Williams, and spans 5,600 square feet. [LAT]

 

A trillionaire, prime minister of Israel and president of the world. Those are all the things WeWork founder and CEO Adam Neumann has said he wants to be, according to a new profile of a leader who is struggling to take his company public. [WSJ]

Compass’ top communications executive is out. Jason Post, who joined the brokerage nine months ago, will depart as the company mulls plans for an IPO. Post previously worked for Uber and the Bloomberg administration. [TRD]

 

Tom Barrack has buyers remorse. Three years after his firm Colony Capital merged with NorthStar Realty Finance Corp, the renowned CEO and Trump pal is seeking to offload almost $20 billion in real estate assets, as he plans for an entry to digital infrastructure. [WSJ]

 
Steve Ballmer and a rendering of the new Clippers Arena (Credit: Getty Images, Los Angeles Clippers, and Twitter)
Steve Ballmer and a rendering of the new Clippers Arena (Credit: Getty Images, Los Angeles Clippers, and Twitter)

Airbnb says it will spend $25 million on affordable housing and community infrastructure in L.A. and San Francisco. The company said it will invest the money between L.A. County and the Bay Area in affordable development, small business loans, and programs to promote low-income homeownership. Critics have long accused the home-sharing giant of contributing to housing crises across the country. L.A. Clippers owner Steve Ballmer recently pledged $75 million to build affordable housing in Inglewood, where he wants to build a stadium for the team. [LAT]

 

Los Angeles will vote on $62 million in supportive housing funds for nearly 600 affordable units in the San Fernando Valley. The City Council’s Homelessness and Poverty Committee is weighing the funds for nine projects spread across the city. The $1.2 billion in bond funds created through Proposition HHH in 2016 was meant to fund 10,000 units over a decade, but rising costs and questionable dispersement methods have slowed the program. [LADN]

 

Aerospace millionaire and philanthropist unloads Malibu manse. James Randall and wife Eleanor Randall sold their 1.7-acre estate on a Malibu bluff for $24 million. Four years ago, they shelled out about twice that for a larger estate in Bel Air. [LAT]

 

Inglewood’s Hollywood Park gets first retail tenants. Earlier this week, the development team behind the 298-acre Los Angeles Stadium & Entertainment District at Hollywood Park announced the stadium would be named SoFi Stadium. Now, the team announced its first retail tenants. The list includes an Olympix Fitness gym, a 12-screen Cinepolis Luxury Cinemas, and a restaurant by the founders of the local Three Weavers Brewing Company. [Connect Media]

 

Affordable units planned for city-owned lot in West L.A. About a year and a half after local City Councilmember Paul Koretz suggested the site, a staff report recommends the city tap the Weingart Center Association and Valued Housing to build a 50-unit project there. The two affordable developers are asking for $7 million in Prop HHH funds for the development. [Urbanize]

 

WeWork makes some employee cuts. After delaying its IPO, the office space company laid off 10 employees in a New York-based unit that handles on-demand rentals. The news came after TRD reported that a real estate executive is leaving the company. [Bloomberg]

 
Rodrigo Niño (Credit: Prodigy Network and iStock)

Prodigy’s CEO is stepping down. The embattled real estate crowdfunding platform is facing three lawsuits from an investor and employees who allege the firm is insolvent and claim that they remain unpaid as investment properties underperform. [TRD]

 

FROM THE CITY’S RECORDS:

A 16-unit Transit Oriented Communities building is planned at 1450 S. Reeves Street in South Robertson. Two of the units would be set aside for “extremely low-income” renters. The developer is 1450 Reeves LLC, led by Yonatan Rabin. [LADCP]


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