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The Community Redevelopment Agency (CRA) of Los Angeles, last Thursday, unanimously approved plans for a mixed-use development project at the dilapidated Santa Barbara Plaza in the Crenshaw District.
According to the CRA, it will negotiate an Owner Participation Agreement with several developers seeking to construct a new development named Marlton Square, which will include a combination of uses including retail, single-family market-rate homes, affordable housing and a community meeting facility.
Funding for the $120 million project is expected to come from a public-private partnership. Of that, $37 million would come from a combination of local and federal monies - the CRA will contribute $7.5 million - and the balance...