The Real Deal Miami

National Market Report

Commercial and residential real estate news briefs from the most active U.S. markets
March 11, 2010 12:50PM


An environmental group hopes to protect the area surrounding Los Angeles’ famous Hollywood sign from development.

From the New York March issue: An environmental group is in a race against the clock to block the possible development of 138 acres surrounding the famous Hollywood sign in Los Angeles. While the sign is reportedly protected from demolition, a group of Chicago-based investors owns the surrounding area and had planned to build luxury mansions there, according to Desert Sun Wire Services. While the investors originally planned to sell the land to developers for $22 million, they told the Trust for Public Land that they would sell the space to the trust for $12.5 million. So far the organization has accumulated about $7 million, with the Los Angeles Public Works and Recreation and Parks departments contributing more than $3.5 million to help the cause. Private donors are expected to provide the rest. The offer expires April 14. Click here for more updates from around the country. Compiled by Amy Tennery