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 tips@therealdeal.com
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A rendering of the office to replace the DPSS office in the Arts District (Credit: OfficeUntitled)
L.A. County taps developer for Arts District mixed-use project. Last year, the county released a request for proposals to replace an aging Department of Public Social Services office and redevelop a neighboring property. Now, the county has chosen Sawtelle-based Urban Offerings as the developer OfficeUntitled as its architectural partner. The project is expected to include around 200,000 square feet of office space — along with 40,000 square feet for the DPSS — affordable housing for artists, and ground-floor commercial space. [Curbed]
Airbnb asks L.A. to postpone November deadline for short-term rental ordinance. The home-sharing giant says it needs more time to put together a system to share with the city information on its rentals. The city’s ordinance requires that platforms share information about listings to help enforce new rules, including L.A.’s cap on the number of days someone can rent out a unit. A Planning Department spokesperson said the city is “prepared to enforce the ordinance” on Nov. 1. [LAT]
Survey says, Californians want cannabis shops. Roughly two-thirds of state residents say that legalizing the sale of recreational marijuana has been a good thing for California and say they want their cities to permit pot shops. Currently, city governments are left to decide whether to permit shops, although there’s a proposal at the state level to force the hand of some cities who refuse to do so in the face of public support. [LAT]
Opportunity Zone-focused businesses will get office campus in Florence. Developer SoLa Impact’s Beehive project is planned with 100,000 square feet of office space across five acres. Some of the space will be available at discounted rents to nonprofits and local groups serving the area, and focusing on the federal tax incentive plan. [LABJ]
Battle heats up over Baldwin Hills Crenshaw Plaza Mall redevelopment. Neighbors of the aging mall are organizing to fight Capri Capital Partners’ ambitious redevelopment plans for the mall, which includes over 900 condominiums, office space, and a 400-key hotel. Critics say it will fuel gentrification of the historically black community. The main force behind the effort, the Crenshaw Subway Coalition, has organized meetings to discuss other development projects in the area. [Curbed]
Max Fowles-Pazdro and the spec home in Beverly Hills Post Office
Max Fowles-Pazdro sells spec mansion after five months on the market. The 24,000-square-foot Beverly Hills Post Office home has eight bedrooms, interior courtyards, and a wine cellar. The home listed in April for $46.5 million and sold for slightly less. Fowles-Pazdro developed the home together with London & Regional Properties. [TRD]
CoStar is set to acquire hotel data giant STR. The real estate data behemoth, which has focused on the office, industrial, retail and multifamily markets, will be acquiring STR for $450 million in cash, the companies announced Tuesday. STR’s data covers metrics such as revenue and occupancy for more than 65,000 hotels in 180 countries. The Tennessee-based firm began marketing itself for sale earlier this year. [WSJ]
The oil price spike could mean “stagflation” is just around the corner. Rising oil prices resulting from last month’s attack on Saudi oil fields, combined with a slowing economy, could easily lead to the Federal Reserve’s nightmare scenario of stagflation, observers say, and additional trade shocks could make things worse. Such concerns are set to make Fed decisions surrounding further rate cuts even more difficult. [CNN]
Insurance tech startup Rhino has raised $21M in Series A funding — and wants to tackle the housing crisis. The startup aims to reduce the upfront costs of homebuying by replacing traditional cash security deposits with low cost insurance. Additionally, Rhino says that it “will be sharing the proposal with 2020 Presidential campaigns on both sides of the aisle.” [Press Release]