Relevant Group’s plans to redevelop the 104-year-old Morrison Hotel in South Park just got bigger. The Hollywood-based real estate investment company wants to develop a 12-story building next to the existing hotel, which it will redevelop. The company filed plans with the city Monday, which calls for the new building rising on what is now a parking lot at Hope Street and West Pico Boulevard, Urbanize reported. The project would include 100 residential units and ...

Commercial brokers expect a new wave of startups will fill space left by Snapchat’s departure When Snapchat’s parent company Snap announced earlier this year that it would sublease half of its 400,000 square feet of Venice office space, residents who blamed the messaging app for ruining the neighborhood’s character were relieved. But commercial real estate brokers predict Snap’s influence on the neighborhood will remain. Snap dramatically drove up office rents when it arri ...

A provision in the new tax law that was designed to help spur economic development in low-income neighborhoods could be exploited by real estate developers who want to build luxury condominiums. The little-known change in the tax code passed late last year would allow states to designate “opportunity zones” in low-income areas, Bloomberg reported. Some community groups and tax policy experts say investors who develop real estate or fund businesses in these zones will be ...

Mayor Eric Garcetti is lending support to the initiative Carrying signs that read “The Rent is Too Damn High,” Los Angeles tenant advocates announced today that they have gathered enough signatures for a November ballot initiative to repeal California’s Costa Hawkins Rental Housing Act. Repealing Costa Hawkins would give California cities the option to expand rent control. In Los Angeles, the law prevents the city from applying rent control to buildings constructed after Octob ...

A partnership between Meriwether Companies and Singerman Real Estate has landed a $46 million financing on the Griffin Club, a recently renovated, members-only club in Cheviot Hills. Private lender ACORE Capital provided the financing, which replaces a previous $30 million loan and sets aside capital for future work on the property, including an expansion of the club’s kitchen services. The new mortgage carries a five-year term and closed last week, sources told The Real Deal. ...

The San Diego County median home price soared to its highest point ever, $550,000, in March, said real estate tracker CoreLogic. Home prices increased 6.8 percent in a year, which experts attribute to a lack of homes for sale and a strong economy. The previous home peak was $545,000 in June. The...