Mixed-use, Affordable / Workforce Housing, Open Space
The City of Los Angeles approved the Cornfield Arroyo Seco Specific Plan (CASP) on July 2, 2014, the first river-friendly specific plan to be adopted by the City. The CASP aims to revitalize a 650-acre stretch of mostly industrial land adjacent to the Los Angeles River. The goal of the CASP is to encourage development of a mixed-use neighborhood that concentrates higher densities around transit, preserves and develops affordable housing, and foster economic growth. The CASP includes several innovative strategies to encourage investment and development within the plan area.
One key element of the CASP is the provision of Bonus Floor Area and/or to Transfer Floor Area for projects that provide affordable housing units. KMA assisted the California Community Foundation in evaluating the financial feasibility of allowing increased FAR in return for the inclusion of affordable housing units. The KMA analysis estimated the land value supported by the base zoning, and then prepared prototype pro forma analyses to estimate the value enhancement created by increasing the allowable FAR.
Based on the results of the KMA financial analysis, the City established an affordable housing obligation schedule for developers seeking FAR increases. The financial analysis also produced a Transfer of Development Rights (TDR) Fee to be paid by developers that wished to obtain FAR increases, but that do not wish to provide affordable housing units. The TDR fee is charged per square foot of additional residential building area being requested.
The CASP won the 2014 California APA Award of Excellence for a Comprehensive Plan, Large Jurisdiction.