The Los Angeles City Council has approved the purchase of a 42-acre property along the eastern bank of the L.A. River, representing a key milestone in the longtime effort to restore the barren waterway.
The G2 parcel, the last remaining component of the Union Pacific Railroad's once expansive Taylor Yard, represents one of the largest opportunity sites for new green space along the river. The City of Los Angeles will allocate approximately $60 million towards the purchase of the property, which will be combined with $25 million in funding already secured from the State of California.
Escrow is expected to close by March 1, 2017.
The property is one of the major components of the joint effort between the City of Los Angeles and the U.S. Army Corps of Engineers to restore the L.A. River, which was paved with concrete in the early 20th century following a series of devastating floods. Although the current scope of will only improve an 11-mile stretch between Griffith Park and Downtown Los Angeles, work is also underway for a master plan which would guide future development along the river's full 48-mile length.
Other parcels within Taylor Yard have already been redeveloped with a mixture of park space, public facilities and a mixed-use transit village. Metro has also begun exploring the possibility of adding rail service to the area via existing Metrolink track that runs toward Los Angeles Union Station.
- City Delivers for River with Purchase of 'G2' Parcel (L.A. Mayor)