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Council committee approves TFAR sale for 51‑story downtown project; Blumenfield directs half of payment to convention‑center planning
Summary
The PLUM Committee approved a transfer of floor area rights (TFAR) payment associated with a proposed 51‑story mixed‑use tower downtown and directed that one half of the required public benefits payment go to a convention‑center planning fund rather than the citywide Affordable Housing Trust Fund.
The Planning and Land Use Management Committee voted to approve the City Planning Commission's recommendation for a 51‑story mixed‑use development that would utilize transfer of floor area rights above the Los Angeles Convention Center. The committee also approved the Sustainable Communities Environmental Assessment and related findings and mitigation measures.
Under the commission recommendation, the project’s TFAR transactions would generate a total public benefits payment of $11,462,471.39, with 50% — $5,731,235.70 — designated to the Public Benefit Trust Fund and the remaining 50% to be provided directly as public benefits to the Los Angeles Housing Department and Affordable Housing Trust Fund pursuant to the municipal code…
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