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The $1B plan to revitalize 11 miles along the LA River may be in jeopardy, according to KCET. The station is reporting that a newsletter released by Friends of the Los Angeles River says the US Army Corps of Engineers may be looking to put a hold on the project. At the epicenter of the rising costs is Piggyback Yard: 125 acres of river front land in DTLA. KCET reports original appraisals may not have been accurate, and any additional cost would be absorbed by the city.
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Developers through the San Fernando Valley and LA have been banking on the revitalization, building new multifamily properties using the restoration as a marketing tool. Take nonprofit developer Abode Communities, which opened its Riverwalk at Reseda affordable housing complex this year. Other developers have been eying river property as well.
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