Plans to replace a courthouse complex with a retail village in West L.A. faced financing challenges due to market conditions. The joint venture reported issues with funding and ROI.
Councilwoman Traci Park's motion seeks a report on the West L.A. Commons project's status, financing structure, and solutions for roadblocks, aiming to address construction cost challenges.
The developers, AvalonBay and Abode, have extended their development agreement but face hurdles in funding and ROI, prompting discussions with the city on possible design changes.
City departments are working with developers to explore new designs that could reduce construction costs and enhance feasibility of the project, following concerns on financing gaps and lower ROI.
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