36-Month Extension Request for Option Agreement on Bunker Hill Parcel Y-1, 361 South Hill Street, Los Angeles, CA

• When: 2024/09/27
• Address: 361 South Hill Street, Los Angeles, CA
• City: Los Angeles
• State: CA
• Category: City Properties
• Asset Class: Land
• Property Type: Covered Land & Land Banking

The Los Angeles City Council requested a 36-month extension to the Option Agreement (Contract No. C-125178) between the City of Los Angeles and CRA/LA, A Designated Local Authority, for the property known as Bunker Hill Parcel Y-1, located at 361 South Hill Street. This extension, from September 30, 2024, to September 30, 2027, allows for further opportunity to develop the property in a manner that maximizes benefits to the city and Affected Taxing Entities.

Why it Matters

Extending the option agreement provides additional time for strategic planning to develop a high-value parcel in Downtown Los Angeles. The decision aims to ensure maximum benefit for the city and community stakeholders.

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