L.O.B., the Los Angeles County Development Authority, announced Monday that it has purchased more than a quarter-million square feet of land in the Tri City for a new development.
The agency plans to build about 25,000 housing units in the tri-county region of North Hollywood and Downtown Los Angeles, which includes the former Hollywood and Vineyard shopping malls, the Los Santos International Airport, and the University of Southern California.
The purchase price was less than the $1.4 billion that the city paid to buy land in 2015 for its proposed new city headquarters.
The $7.8 billion project, known as the North Hollywood Plan, includes 1.2 million housing units and will include more than 40,000 public parking spaces and a public transit system.
The new development, the first in the region, is expected to create more than 800 jobs and create more revenue than the city expects to generate from the sale of land, L.L.A.-based development consultancy Livable Los Angeles said in a report Monday.
The sale also comes after the county sold its land to developers in the South Bay.