"Mansion tax" drags down commercial property sales, Sepulveda Pass meetings postponed, and more

The Wallis Annenberg Wildlife Crossing continues to take gradual steps toward completion above the US-101 Freeway in Agoura Hills. 

The project, billed as the world's largest wildlife crossing, recently saw the pouring of the first layers of soil over the bridge. A total of 6,000 cubic yards will be placed over the next several weeks.

Spanning approximately 200 feet and 10 lanes of traffic, the bridge is on track for completion in 2026.

Copper wire thieves have ransacked city infrastructure across Los Angeles, leaving entire neighborhoods and even landmarks like the Sixth Street Viaduct in the dark. City officials now hope a switch to solar power can finally restore the light.

“We are using new and innovative ways to improve city services for Angelenos – from modernizing the MyLA311 system to installing new solar lighting,” said Mayor Karen Bass in a news release.  “The City is taking action to make your neighborhoods safer and cleaner.”

Hundreds of solar-powered lights have been installed in Historic Filipinotown, Watts, and the San Fernando Valley as a start. No word on when the Sixth Street Viaduct's "Ribbon of Light" will get its turn.

Here's what we're reading this week:

UCLA report claims the ‘mansion tax’ stifles commercial development in L.A. "The study analyzed 338,000 property sales over the last five years and found that the drop is most acute on the commercial side. Under ULA, non-single-family transactions fell 7-15% per month in L.A. ZIP Codes, a trend that compounded to 30-50% over the course of two years." (LA Times)

Meetings postponed for Sepulveda Transit Corridor — will be rescheduled soon "Point of emphasis: the project is alive and well and the Draft Environmental Impact Report (DEIR) will soon be released, although we do not yet have an exact date to share." (The Source)

GWNC Land Use Committee Recommends Board Oppose SB 79 "On January 15, 2025, California State Senator Scott Weiner introduced a new bill, SB 79, which, if passed by the state legislature, would encourage new housing development throughout California by allowing – with only administrative approval and no city or neighborhood input – the construction of residential and mixed use buildings up to 65-75′ high in residential and light industrial zones that are a quarter or half mile from a light rail stop, or a bus stop that has dedicated bus lanes. The law would override local zoning regulations, including historic designations and protections, and no affordable units would be required in the resulting buildings (though additional height bonuses could be granted with the inclusion of affordable units)." (Larchmont Buzz)

EB-5 investors elbow past contractors on Oceanwide Plaza creditors list "Contractors claim they are owed $210 million" (TRD)

Los Angeles Office Market ‘Has Bottomed,’ Gravitates Farther West "Los Angeles’ office real estate has reached its post-pandemic bottom — but it apparently plans to hang around there for a while. " (Commercial Observer)

Disney Pulling Up Stakes On Fox Lot By End Of 2025; Multiple New Potential Tenants In Talks 'Disney has occupied a significant amount of space on the lot since closing its $71.3 billion deal to acquire most of 21st Century Fox in 2019. It will vacate by the end of the year, ahead of the March 2026 expiration of its lease, multiple sources confirmed to Deadline. Disney intends to consolidate its operations in a “creative hub” in its corporate home of Burbank.' (Commercial Observer)

New Metro Bus Plan Includes Dedicated Lane on Olive "In April 2024, the Burbank City Council gave Metro its blessing for the 18-mile project, which will connect North Hollywood to Pasadena, running through the cities of Burbank, Glendale, Pasadena and Los Angeles. At that time, council members were unanimous in advocating for “mixed flow” on the Olive Avenue portion of the route. A mixed flow configuration means that the bus line would traverse Olive Avenue while sharing lanes with other motorists. " (Burbank Leader)

Bucking Trump tariffs, California will push to maintain global trade independently, Newsom says "California leads the nation in manufacturing and agriculture, and tariffs could adversely affect many sectors of the state’s economy, from the tech industry to the ports. But it’s unclear exactly how Newsom’s efforts to carve out exemptions would work or whether a state can forge such exceptions." (LA Times)

Follow us on social media: 

Twitter / Facebook / LinkedIn / Threads / Instagram / Bluesky