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It's official: the City of Los Angeles has closed escrow on the 42-acre G2 parcel, considered the "crown jewel," of $1.6 billion effort to restore the L.A. River.

Located on the river's east bank in the Cypress Park neighborhood, the G2 parcel is the last remnant of the Union Pacific Railroad's former Taylor Yard.  The remaining portions of the 250-acre site have already been transformed into park space, a public school and the Taylor Yard Transit Village.

The purchase was facilitated by a $60-million allocation by the City of Los Angeles, as well as a $25 million in funding from the State of California.

A conceptual rendering included with the press release shows what the G2 parcel could look like following habitat restoration.

The full river restoration project would remove concrete and add landscaping to an 11-mile stretch of the meandering waterway between Griffith Park and Downtown Los Angeles.

Image via L.A. Mayor's office

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Mixed-Use Development Planned Near Laguna Niguel Metrolink Station

The project is part of the city's Gateway District.
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The Laguna Niguel Planning Commission has approved a mixed-use development near the city's Metrolink Station.  The joint venture between Blackwood Real Estate and Walbern, located near the intersection of Crown Valley Parkway and Forbes Road, will consist of 100 two- and three-bedroom apartments in a seven-story building.  Plans also call for 2,700 square feet of ground-floor retail space, as well as a pool courtyard, a fitness center, a private garden, and a sky deck.