Flagship South Pas Redevelopment Stalled

Shamrock Holdings, the chief financier for a major mixed-use redevelopment project in downtown South Pasadena, has pulled out, citing economic concerns. Developer Decoma, was relying on the $8.8 million in equity pledged by Shamrock for the $50 million plus project. The 310,000 sf project was to be the flagship property in a major revitalization of the central business district along Fair Oaks Ave. But the unavailability of short-term construction loans in the midst of a development-unfriendly economic climate forced the Burbank holdings company to pull out.

The development was to contain 60 condo units, including 12 affordable units, and underground parking for 380 cars. The Decoma plan was attractive to the community because it was aimed at smaller scale retail. Community members looked forward to public plazas, water features, and street furniture to help improve a neighborhood where blocky bank buildings and 'For Rent' signs have become the norm. It is unclear whether Decoma Developers, whose website includes an extensive description of the project, will stick through despite the financial setback.

The city and the chamber of commerce certainly hope they will. The project was approved by the city council in May 2008. Since then, civic leaders have been courting developers and financial sources, begging for investment in their "blighted" CBD. Scott Feldmann, president of the chamber of commerce, said Shamrock's withdrawal "feels awful," and will try to stay hopeful that they can attract new interest. But not everyone was disappointed with this latest turn of events. Some residents, especially those in the immediate vicinity, necessitated 80 public scoping meetings and even filed an unsuccessful lawsuit in the last few months. Their concerns? You guessed it - traffic and parking.

Weary of the 10, Santa Monica Proposes to Bury Freeway Under Park

The City of Santa Monica last week authorized a petition of $250,000 to the state for the feasibility study of covering I-10 between 14th and 17th streets with a park. The intention of the move is to add more green space to the city, mitigate the presence of the freeway, and bridge some of the neighborhood rifts created by the introduction of the freeway in 1964. The section of freeway in question is bounded by Memorial Park, a small municipal park, to the north, and the Woodlawn Cemetery to the south.

New freeway construction was extremely controversial in the US in the middle half of the last century, as it replaced gigantic swaths of homes and sometimes entire neighborhoods. But the US Interstate system was relentless in its goal of linking the nation's cities. Support for the futuristic network of roads was often even enthusiastic, especially during wartime. But the City of Santa Monica has long resented the presence of the freeway in its city limits - it brings high-speed outsiders to the upscale beachside community.

Sooner or later the city has to realize that, despite its 90,000, it sits at the core of the nation's second biggest metro area. The freeway is an important connector of the city's business district and Pac Coast Hwy with central LA and the rest of Southern California. But anyway, hiding the freeway under a park isn't a bad idea. It will create a large contiguous greenspace with its approx. 7 added acres. It will create a "land bridge" that will be much more pleasant for pedestrians to cross than a typical overpass. And it will begin to break up the dominating repetitiveness of the "grayscape." But it might be expensive. The City of Los Angeles has determined the cost of a similar park over the 101 in Hollywood to be around $1 billion.