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.