Update Regarding Measure R2 Draft Proposal For Los Angeles Transit Projects
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I’m getting off of the topic of Los Angeles commercial real estate for sale and lease a bit. Transportation in and around Los Angeles is of extreme importance if we’re going to have a thriving commercial real estate market well into the future when the population of LA county is expected to rise by another two million.
The impact is especially acute in the super congested Westside / Santa Monica commercial real estate markets where I mostly work. We are on full in this hot market and anything that adds new triple net retail is welcome.
As always, contact your Westside or Santa Monica commercial realtor / agent for more details. Most of us pay pretty close attention to these developments. Of course you can contact me, Scott Harris at (310) 473-4789.
Anyway, back to the topic, Move LA conducted its Transportation Conversation Annual Conference a couple of weeks ago and the topic this year was ‘Imagining Measure R2’. The conference was covered by multiple media outlets including the LA Times.
A proposal named Move LA’s strawman R2 Proposal was introduced that day as a draft for discussion. Change is very likely before the measure for another 1/2 cent sales tax increase for 45 years goes on the ballot in 2016.
Remember that measure R for a 1/2 cent increase in sales tax for 30 years was narrowly approved by the required 2/3rd majority in 2008.
Measure R2 county-wide is anticipated to produce $90 billion in revenue over the 45 years
It’s proposed that that half of the of the 20% of revenue dedicated toward highways be used for a “Grand Boulevards” program. The other half would be used for Los Angeles County Freeways. Grand Boulevards would upgrade larger streets with existing bus service to become more complete Boulevards with a mix of transit, bike, pedestrian and car usage. Upgrades would include:
- Street resurfacing
- Signal synchronization
- Landscaping
- Bicycle and Pedestrian features
- Bus service enhancements: “better safer bus stops with real time digital information” and bus-only lanes “where appropriate.”
- Incentives for new mixed-use and mixed-income development
