00:00The City of Los Angeles has approved the proposed path forward from developers
00:04KPC and Lendlease, clearing a major hurdle for Oceanwide Plaza.
00:08Now the question is whether they can deliver on a credible plan to clean it up in the short term,
00:13restart work, and eventually turn the site into something useful.
00:17Well it's got to be a capable developer with a viable plan.
00:20There are plenty of those out there and I think the city and county need to be supportive partners.
00:25Probably should have been from an earlier state,
00:28but at this point they need to not make matters worse by going with something that isn't going to end
00:33up panning out.
00:34The clock matters because Los Angeles is heading toward 2028,
00:38when downtown will be part of the city's global front door.
00:41Nobody expects a full redevelopment overnight, but the proposal has cleared a major hurdle.
00:46Now the test is whether that approval produces visible change.
00:50Probably not full-scale redevelopment, of course, right?
00:53But certainly something that when we are hosting hundreds of thousands of people,
00:58they see a very different set of conditions at that site that boost confidence in downtown as a market.
01:05I will have to fix it.
01:05I want the Gund off the standalone part but not to appreciate it.
01:06It depends who the project is,
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