A South Bay city and developers differ on development plans.
The City of El Segundo and a number of real estate developers have two different views of the beach town. In a meeting last week, El Segundo City Manager, Greg Carpenter, sat on a panel with a number of developers and brokers discussing the direction of El Segundo.
It is no secret that home values have been driven north in the past few years. Lack of inventory and property continues to drive prices. Because of this, many who want to move to the area are simply priced out. The average home price in El Segundo is sitting at over $1 million according to published reports.
Developers want to change this. Their vision to add a number of mixed-use properties into the area. Some say that this would do things like create more traffic in the city. In order create these opportunities, there would have to be changes made to various zoning laws.
The City wants to stay its course as a business hub and remain focused on that. El Segundo is currently hard at work at turning Smoky Hollow into the next Silicon Beach.
Developers are quick to point out that even with attracting businesses to the area, many of the employees complain that they have to take great commutes to get to work. The Los Angeles Times recently moved to El Segundo and a number of people complained about the new commutes they had to make to get here.
Many of the people who work in the business community simply cannot afford to live in El Segundo argue the developers. This would alleviate some of that.
According to Carpenter, El Segundo’s business structure doesn’t support that plan. He said that El Segundo’s revenue is dependent upon the business community at this time.
The event was held at the PCT campus in El Segundo
We had written about real estate earlier this year in our sister publication, The El Segundo Observer. It can be found here.