Mayor Approves University Village Project
Mayor Antonio Villaraigosa signed an agreement Wednesday for the redevelopment of the University Village shopping center.
University President C.L. Max Nikias and Councilwoman Jan Perry, whose ninth district includes the University Village shopping center, participated in the ceremony.
"We are ushering in a new era for the region," said Perry. "The [University Village Project] represents the largest private investment in the area to date."
President Nikias praised Mayor Villaraigosa and members of the Los Angeles City Council, singling out their "outstanding leadership in moving this landmark project forward."
The redevelopment project will transform the current shopping center into a multi-use complex with more than three million square feet of academic buildings, student housing, shops, restaurants and bars.
The project is slated to be completed by 2030.
The University Village agreement which Villaraigosa signed was approved by the City Council in December and includes stipulations on employment and neighborhood housing.
"This project...comes with a $40 million package of benefits that will have a lasting impact on this community," said Villaraigosa.
Under the agreement, USC will provide $20 million for affordable housing.
The redevelopment project is expected to generate more than 12,000 jobs, of which 30 percent must be local hires and 10 percent must come from disadvantaged backgrounds.
In addition, 15 percent of vendors contracted for construction, general services and materials must be locally hired.
