Sidewalks, Air Rights and Land: Parting Gifts from the Defunct Redevelopment Agency
- Jul 21, 2015
Following the demise of the Community Redevelopment Agencies across California, a large amount of leftover real estate, the result of a variety of projects or zoning changes made during their activity, is now available. The CRA/LA, the successor of The Community Redevelopment Agency of the City of Los Angeles, now needs to offload an interesting mix of assets that remained in the wake of the agency’s shutdown.
According to a recently issued press statement, CRA/LA chose Cushman & Wakefield to handle the disposition of the 50-asset portfolio. Consisting of an eclectic mix of assets that includes land, leased fees, easements, and air rights, as well as more unconventional bits of real estate such as stretches of sidewalk, the portfolio is dispersed throughout the city, and paints a picture of the extensive activity of the Redevelopment Agency.
Cushman & Wakefield has been granted exclusivity in the disposition of the portfolio, with efforts to sell the assets being headed by Associate Director Jimmy Chai, Vice Chairman & Executive Managing Director Marc Renard, as well as Senior Director Manfred Schaub. The brokerage already setup a website where those interested can peruse the assets that are up for grabs.
Set to be sold at fair market value, the properties originally became available on July 15th. Interested parties are expected to submit offers for the assets before the September 15 deadline.
Image courtesy of crala.org