Public parking lot to be sold as part of redevelopment

DOWNEY - A 16-space public parking lot on 2nd Street will be sold to developer National Community Renaissance as part of the plan to redevelop the former Verizon building into a 50-unit affordable housing complex.The Planning Commission on Wednesday gave its consent on a plan to sell the city-owned lot to the Community Development Commission (CDC), a redevelopment agency comprised of Downey city council members. The CDC will then sell the lot to National Community Renaissance "at below the market value." Under state law, municipalities themselves cannot legally sell public property below current market prices. It was not immediately clear at what price the parking lot will be sold to National Community Renaissance. The parking lot is located between the Verizon building and retail shops on Downey Avenue. It comprises 33% of the site that the 50-unit housing complex will cover, community development director Brian Saeki wrote in a report to the Planning Commission. After title is transferred to National Community Renaissance, the city plans to merge the parking lot and Verizon building into a single property. Construction on the housing complex is expected to begin January 2012. National Community Renaissance representatives have indicated they will submit architectural plans to the city next month, officials said. -Eric Pierce, city editor

********** Published: June 2, 2011 - Volume 10 - Issue 7