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Friday, November 10, 2006

 

Marina Del NIMBY?

The latest Los Angeles real estate story in the The New York Times is today's take on LA County's planned renewal of Marina Del Rey's Fisherman's Village:
Los Angeles County officials say that the new development, which they engineered as part of a plan to invigorate the aging marina, will attract more residents and visitors and generate as much as $30 million a year in new revenue.

[CUT...]

Marina del Rey has built the largest recreational marina in the world, according to the Marina del Rey Convention and Visitors Bureau — though it will be eclipsed by one under construction in Dubai. Its more than 5,000 boat slips and 804 acres of land and waterways are owned by the county. Aside from a few hundred condominiums, most housing consists of rental apartments.

But with its low-lying 1960s-vintage buildings and faux-Cape Cod shopping plaza, the marina is also a major financial underachiever. County officials expect the $30 million or so a year its leases earn to double as the addition of about 3,000 high-end apartments, new Woodfin and Marriott hotels and businesses like the Cheesecake Factory enhances land values.

Only about 8,000 people live in Marina del Rey, which is an unincorporated area of Los Angeles County; about half its acreage is under water. The population would increase significantly as four- and five-story apartment buildings replace two- and three-story ones just off the water.


— TJ Sullivan in LA
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