Saturday, October 22, 2016

Monterey Hills awaits word on giant land sale

13 Monterey Hill properties were put up for sale | Cushman & Wakefield

13 Monterey Hill properties were put up for sale | Cushman & Wakefield

Eastside PropertyMONTEREY HILLS — The Community Redevelopment Agency of Los Angeles was known primarily for its numerous Downtown projects, including the transformation of Bunker Hill into a platform for corporate skyscrapers. But the redevelopment agency was also active across the city, including the hills between Debs Park and El Sereno, where it spearheaded the building of more than 1,800 condos during the 1970s and 1980s in what is known as Monterey Hills.  Now,  the residents of Monterey Hills are waiting to find out what will happen to about 17 acres of nearby property that the agency was never able to develop.

The agency, known as the CRA, was dissolved in 2011 as part of state cost-cutting efforts.  That left its successor, the CRA/LA, with the job of disposing of more than 50 properties and other assets.  Among those assets are 13 vacant parcels adjacent to Monterey Hills and El Sereno.

Some of the properties are zoned for single-family homes as well as apartment and other forms of multi-family development. But most of the Monterey Hills properties are zoned for open space and parkland, including the single largest property, an approximately 12-acre site between Via Marisol and Collis Avenue  known as Parcel S.

The bidding period for the former CRA properties, which were officially put up for sale earlier this year, closed as of Sept. 30. Manfred Schaub, an agent with Cushman & Wakefield, which is handling the sale,  said he could not say if any bids were made for the Monterey Hills properties.  However, he said the CRA/LA will spend about 30 days reviewing and responding to the bids.

More details will be known following the close of escrow, he said.

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One comment

  1. Make a public park out of it. Duh.

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