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NOTABLE SALE
$30,000,000 ICONIC BUILDING SALES

MARKET: West Hollywood
ASSET TYPE: Retail
SALE PRICE: $30,000,000
Address: 8500 Sunset Blvd
BUYER: Alex Smith/Regal Ventures

Regal Ventures, A New York-based investment firm has acquired a fully leased retail property on the Sunset Strip in West Hollywood.

NEWS
AFFORDABLE HOUSING FIGHT IN THE VALLEY

ARTICLE TLDR

• YIMBY highlights the ongoing struggle to address the housing crisis in California

A group called YIMBY (Yes In My Backyard) has filed a lawsuit against the city of Los Angeles for denying the construction of affordable housing in Winnetka 1. The lawsuit claims that the city’s decision violates the Housing Accountability Act (HAA), which requires cities to approve housing projects that meet zoning requirements and provide a certain percentage of affordable units 2. The HAA was enacted in 1982 to address the state’s housing crisis by ensuring that cities do not use their zoning powers to block the development of affordable housing 2. The lawsuit also alleges that the city’s decision is discriminatory and violates the Fair Housing Act, a federal law that prohibits discrimination in the sale, rental, and financing of housing based on race, color, national origin, religion, sex, familial status, or disability 3.

The lawsuit filed by YIMBY highlights the ongoing struggle to address the housing crisis in California. The state has been grappling with a severe shortage of affordable housing for years, and the problem has only worsened in recent years 2. The lawsuit is an important step towards ensuring that cities comply with state and federal laws that are designed to provide affordable housing to low-income residents and to ensure that cities do not use their zoning powers to block the development of affordable housing 123.

NEWS
DEVELOPER PLANS 114 UNITS ON THE WEST SIDE

• New Building On The Way

A new development project is underway in West LA’s Sawtelle neighborhood. According to The Real Deal, a real estate news website, the project will include 114 units and is expected to be completed by 2026. The development will be located at 11601-11611 W. Olympic Blvd and will include 11 affordable units and 103 market-rate units. The project is being designed by KFA Architecture and will be developed by NMS Properties. This project is a great addition to the community and will provide more housing options for those looking to live in the area.

NEWS
SANTA MONICA APARTMENTS DELAYED BY LEGAL WOES

ARTICLE TLDR

• Some builders are still having issues

A 249-apartment project in Santa Monica is facing more setbacks, as the developer asks for more time to build it. The project has been delayed by:

- A lawsuit from residents who oppose its size and density

- Labor shortages and supply chain issues caused by COVID-19

- Uncertainty and volatility in the housing market

The project was approved in 2016 and was supposed to be done by 2021. The developer, Tishman Speyer, now wants to finish it by 2024. The city will decide whether to grant the extension or not.

The project is part of a larger development that includes condos, affordable units, and retail space. The developer also agreed to pay $15.6 million in community benefits to the city.

Some people support the project, saying it will provide more housing and economic benefits. Others oppose it, saying it will worsen traffic and parking problems.