Can Eva Longoria and a little Hollywood glitz help ease the working class housing crisis?
Los Angeles Times (May 13, 2016)
Eva Longoria has lent her name to numerous causes: diversity in Hollywood, education, the plight of farm workers and low-income Latina entrepreneurs. Now the former "Desperate Housewives" star is taking up a cause few would think flashy enough for celebrities: "workforce" housing. Longoria, 41, recently became an investor in a Turner Impact Capital housing fund that seeks to preserve blue-collar apartment units across the country and ease an affordability crisis that has hit minority communities especially hard.
Special Report: Making Money, Leaving Mark
Los Angeles Business Journal (March 21, 2016)
In the last few months, Santa Monica real estate investment firm Turner Impact Capital celebrated the launch of a Las Vegas charter school campus it helped build and snapped up two new apartment properties where it will offer affordable workforce housing. While those projects might sound like the work of a nonprofit, they’re part of a growing market for impact investments, ones designed to generate positive social and environmental effects along with financial returns.
Third Street Promenade’s $7 Million Food Court Overhaul Is Finally Complete
Los Angeles Eater (March 18, 2016)
The formerly dingy fast food hall situated right in the middle of the pedestrian-friendly Third Street Promenade is finally back up from its eight-month overhaul. Once a highly trafficked place in toristy Santa Monica for cheap eats like Subway, McDonald’s, and a Chinese takeout stand, the redone hall is now gleaming with two stories of potential.
With Lots Of Interest, High School Students In El Monte Start Their Own Bank
CBS LOS ANGELES (March 16, 2016)
EL MONTE (CBSLA.COM)- It’s never too early to teach kids the value of money. To that end, some students in El Monte are already in the banking industry- they started their own bank. CBS2’s Amy Johnson went to the school to find out how it all began. "Good afternoon, Mr. Marquez. Welcome to Union Bank. How may I help you today?" says high school senior David Godinez. Jose Marquez makes a typical bank deposit at Union Bank, but this time he’s using the branch at Mountain View High School in El Monte where he’s the assistant principal and the bank teller is a high school senior.
$475-million deal reflects Playa Vista’s rise as a tech hub
Los Angeles Times (February 10, 2016)
A mixed-use project envisioned as Playa Vista’s downtown has been sold to a Dallas investment firm for a reported $475 million, cementing the master-planned community’s rise as a residential neighborhood and technology hub. The steep price for Runway Playa Vista- a retail, residential and office development that cost about $300 million to develop- shows what can happen when tech giants like Facebook, YouTube and Microsoft come to town.
Bringing 2024 Olympics to LA Could Ease Housing Crisis, City Leaders Say
KABC-TV (October 25, 2015)
WESTWOOD, LOS ANGELES (KABC) --Affordable housing and Los Angeles’ bid for the 2024 Summer Olympics took center stage at the L.A. Housing Summit at UCLA on Friday. Casey Wasserman, chairman of the LA24 committee, says if L.A. gets the games, the Olympic Village will help ease the shortage of affordable housing in the city. "The Olympic Village is a significant legacy opportunity for our city after the games," Wasserman said. "The village would have 17,000 beds for the athletes, coaches and staff, which would then be converted into 5,000 units of both affordable and market rate housing." L.A. Mayor Eric Garcetti says thousands of affordable and market value housing units are being built, whether or not the Olympics come to Los Angeles. The city plans to build 100,000 units by the year 2021.
Watts made its mark on Frank Gehry, now the architect is returning the favor
Los Angeles Times (September 12, 2015)
Back in the late 1960s — Gehry can’t be entirely sure of the year — the architect, then in the vicinity of 40, decided to take up karate as a way of getting in shape. He ended up at Norris’ West L.A. dojo, where on the first day the future action star lined up his students (Gehry and a roomful of teenagers) and proceeded to do spin kicks within millimeters of each of their noses.
Agassi Serves Merrill Clients a Charter-School Investment
Wall Street Journal (September 9, 2015)
Tennis legend Andre Agassi wants to team up with Merrill Lynch’s clients. Mr. Agassi, who retired from tennis in 2006, is working to raise a second private-equity real-estate fund with investor Bobby Turner, who manages social-impact investment firm Turner Impact Capital LLC. The fund, Turner-Agassi Charter School Facilities Fund II LP, seeks to raise $400 million from Merrill’s clients and institutional investors to build more than 100 charter schools throughout the U.S. in areas where education services are underperforming.
What did L.A. get from the ’84 Games? An Olympic-size boost for kids
Los Angeles Times (August 22, 2015)
Los Angeles is on track to be our nation’s entry in the competition to host the Olympic games nine years from now. As taxpayers begin fretting about what it might cost — the price tag is an estimated $4.5 billion — we’d do well to look back at our last turn as Olympics host and consider what that deal returned. In 1984, Los Angeles staged what still is considered by many the best-managed and most-successful Olympics competition in history. It was run by businessman Peter Ueberroth and embraced by a city determined to show its most gracious side. Los Angeles still is reaping the dividends of that extravaganza, which ended with a surplus of more than $232 million. Our city’s share — $93 million — funded the LA84 Foundation, which for the last 30 years has bankrolled local youth sports programs.
Carlsbad Retail Center Getting $15 Million Renovation, Rebranding
San Diego Business Journal (August 17, 2015)
Owner Linwood Ventures of Los Angeles plans a $15 million renovation of the former La Costa Towne Center in Carlsbad, with plans to rebrand the property as a luxury retail center called The Beacon La Costa. A company statement said the 123,000-square-foot mixed-use property, with retail and office elements, will be anchored by the local region’s first Equinox fitness center, taking the 31,000-square-foot space formerly occupied by a Vons store. Plans call for a total of 62,000 square feet of retail space and 30,000 square feet of office space. The tenant mix is expected to include a variety of full-service and fast-casual gourmet restaurants, boutiques and specialty neighborhood services.
Cedars-Sinai looks to join Playa Vista’s fast-growing tech scene
Los Angeles Times (August 4, 2015)
Medical giant Cedars-Sinai Health System is expanding to the tech hotbed of Playa Vista. Cedars-Sinai officials said they plan to open a medical office featuring primary-care doctors and specialists in Playa Vista’s central retail district late next year. The Westside neighborhood is a key hub in Southern California’s technology industry, housing offices for Facebook, Microsoft and YouTube. Google and Yahoo are in the process of opening offices there.
Archer School for Girls’ expansion wins unanimous approval
Los Angeles Times (August 4, 2015)
The Los Angeles City Council voted 12-0 Tuesday to approve a $100-million expansion of Archer School for Girls in Brentwood, despite lingering concerns from residents that traffic would worsen. “We’re elated and immensely grateful to all the people who supported the project," said Elizabeth English, Archer’s head of school. "We think this is going to be an incredible asset to the community.”
Progress and Profits Can Coexist, Says ’Evolved Capitalist’ Bobby Turner
The Street (July 21, 2015)
NEW YORK (TheStreet) -- An evolved capitalist is somebody that aims to do well for society without sacrificing yield for investors. That’s exactly what Bobby Turner, founder of Turner Impact Capital, considers himself to be. “We believe that profits are driven by purpose,” said Turner. “We actually believe there is an interdependency between profits and purpose, and that by taking advantage of some of society’s greatest challenges, we can actually drive better risk-adjusted returns with lower correlation to the broader market indices.” Turner is the former chairman, CEO and co-founding partner of Canyon Capital Realty Advisors, where he oversaw a commercial real estate and mortgage asset portfolio totaling over $12 billion.
Beverly Hills News — Special Olympics World Games 2015 Receives $1M Pledge from LA84 Foundation
Beverly Hills Courier (June 29, 2015)
(CNS) — With the Special Olympics World Games less than a month away, a local philanthropy group announced today a $1 million pledge to help fund the event. The LA84 Foundation, which hands out grants to youth sports programs, boosted its original $250,000 contribution by another $750,000 to cover field of play costs for the event, which will draw 7,000 athletes with intellectual disabilities from around the world to compete in Los Angeles.
AFTER CLOSING ITS ABBOT KINNEY LOCATION, HAL’S BAR & GRILL TO REOPEN IN PLAYA VISTA
LA WEEKLY (June 15, 2015)
Cheers-like artist hangout Hal’s Bar & Grill, which closed with tears and a star-studded packed house at the end of April after almost 30 years on Abbot Kinney Boulevard, will reopen this December at Runway Playa Vista. On the restaurant’s final night on Abbot Kinney, rumors swirled that owners Don and Linda Novack and Hal Frederick were in talks to reopen down the street. While their most recent announcement said Hal’s will “announce plans soon to open on Abbot Kinney,” the new location is slightly farther away: about a 10-minute drive.
California fund makes first D.C. region buy in bid to ease housing shortage
Washington Business Journal (June 10, 2015)
Baltimore native Bobby Turner has a plan to combat the nation’s diminishing supply of workforce housing, and his California-based fund has set its sights on a rental community in Prince George’s County as its first test case. The Turner Multifamily Impact Fund has acquired the 599-unit Regency Pointe Apartments in District Heights with plans to roll out what it bills as an innovative program that seeks to decrease turnover by engaging its residents on a more personal level. The acquisition price for the 25-acre community, located at 3253 Walters Lane, was not disclosed but sources familiar with the deal put it at around $56 million.
Veteran Investor at Home With Affordable Housing
Los Angeles Business Journal (June 8, 2015)
Bobby Turner wants to make sure more people can afford housing in Los Angeles and other cities, and to earn solid returns for his investors, too. That’s why the former chief executive of Century City’s Canyon Capital Realty Advisors just launched the Turner Impact Multifamily Fund, the latest initiative from his socially conscious investment firm, Turner Impact Capital in Santa Monica. The fund’s investors include the University of Michigan and Citi Community Capital. Turner spoke with the Business Journal about high rents burdening working Angelenos and how impact investing can generate more than just karmic returns.
Three Downtown Burbank Office Buildings Sold
San Fernando Valley Business Journal (June 4, 2015)
Three high-profile Burbank buildings, with tenants that include Cartoon Network, Turner Broadcasting and MTV Networks, have been acquired by a Dallas real estate investment group that plans to reconfigure them into a walkable campus. Lincoln Property Co. acquired Burbank Executive Plaza, 300 E. Magnolia; Glenoaks Plaza, 303 N. Glenoaks Blvd.; and 333 N. Glenoaks Blvd. from Kennedy-Wilson Properties Ltd. The properties had been on the market since March and sold for an undisclosed price.
Capri Capital’s Discerning Investments in Gateway Cities
The Planning Report (April 29, 2015)
“Ken Lombard, Vice Chairman of Investments and a partner at Chicago-based Capri Capital Partners, has a track record of successful development and acquisitions in neighborhoods on the rise across Los Angeles, including Koreatown, South Park, and Baldwin Hills. Lombard speaks with TPR about Capri’s eye for emerging markets.”
Council backs development that expands Old Pasadena
Pasadena Star-News (April 28, 2015)
“A million square-foot development that will reshape the northwest portion of Old Pasadena received unanimous support from the City Council on Monday. The 100 West Walnut project will turn 22 acres of land surrounding the Parsons building near Walnut Street and Fair Oaks Avenue into an expansion of the city’s downtown with new restaurants, office space and 475 residential units.”
NewsConference "EXTRA": New Plan for the LA River
KNBC-TV (April 25, 2015)
“Mary Leslie is the president of Los Angeles Business Council. NBC4’s Conan Nolan talks with Leslie about the council’s new report on a plan to use the LA River to help build affordable housing for the City of LA.”
Ex-Hines Site In Santa Monica Set For Adaptive Reuse As Office Space
Santa Monica Mirror (April 3, 2015)
“Lincoln Property Company has recently been engaged by current owners Clarion Partners to transform the vacant building into boutique creative office space. Adaptive reuse plans for the project have been filed with Santa Monica City and are awaiting administrative approval. The concept hopes to attract high-quality jobs while embracing the character of the evolving Bergamot neighborhood, according to Lincoln Property Company’s Senior Vice President Rob Kane.”
Inglewood council approves NFL stadium plan amid big community support
Los Angeles Times (February 24, 2015)
“The Inglewood City Council voted unanimously Tuesday night to approve an 80,000-seat stadium at the site of the old Hollywood Park racetrack, jump-starting the effort to bring an NFL team back to the area after a two-decade absence.”
Tentative Agreement Is Reached in West Coast Ports Dispute
The New York Times (February 21, 2015)
“Shipowners and dockworkers reached a tentative deal on Friday night to end a protracted labor dispute that had jammed ship traffic at ports along the West Coast and taken a deepening economic toll on farmers, retailers and merchants across the country.”
Riverfront ’Creative Campus’ Coming to Elysian Valley
KCET (February 18, 2015)
On a chilly Saturday morning, more than thirty people made their way over to Elysian Valley to get a look at a project that’s got the community wondering what’s in store for its future. Developed by Terra River LLC, the Elysian Valley Riverfront Creative Campus looks to "create meaningful connections to the Los Angeles River" as its website prominently states.
Editorial: Bids for the Greek Theatre: Why even bother?
Los Angeles Times (January 27, 2015)
A Los Angeles City Council committee this week rejected the recommendation of an independent expert panel as well as the decision by the Recreation and Parks Commission to pick entertainment giant Live Nation as the new operator of the city-owned Greek Theatre. Instead, the committee voted to award the multimillion-dollar contract once again to the Nederlander Organization, which has managed the theater for four decades, and its new partner, AEG Live, which developed Staples Center and L.A. Live.
Owner of St. Louis Rams plans to build NFL stadium in Inglewood
Los Angeles Times (January 5, 2015)
“The owner of the St. Louis Rams plans to build an NFL stadium in Inglewood, which could pave the way for the league’s return to Los Angeles. Rams owner Stan Kroenke, who bought 60 acres adjacent to the Forum a year ago, has joined forces with the owners of the 238-acre Hollywood Park site, Stockbridge Capital Group.”