The Los Angeles City Council has approved the acquisition of 2.7 acres of vacant real property in South Los Angeles from the Community Redevelopment Agency/Los Angeles (CRA/LA) for the development of the Marlton Square Project. The acquisition, valued at $21,750,000, is to be financed using Municipal Improvement Corporation of Los Angeles (MICLA) front funding up to $6,000,000. The purchase is within the scope of the West Adams Community Plan Update and its Environmental Impact Report (EIR), ensuring compliance with the California Environmental Quality Act (CEQA). The Economic and Workforce Development Department (EWDD) is authorized as the implementing department for this project.
This acquisition is a strategic move to revitalize a long-vacant and blighted area in South Los Angeles, aligning with the city's development plans and providing opportunities for economic growth, job creation, and increased property values in the community.