Media Mention
What New York Can Learn From California's Push To Cut Environmental Red Tape
Bisnow
Sheri Bonstelle, Land Use and Development Chair, shared her insights with Bisnow on recent California housing and environmental review reforms and their potential to accelerate housing development across the state.
Excerpts:
Bonstelle is working on Riverwalk at Studio City, three seven-story buildings with 814 apartments and 76K SF of commercial space. The Los Angeles development benefited from multiple density bonuses and the new CEQA reforms. Despite appeals regarding zoning and environmental impacts, the approval process took less than nine months.
“AB 130 is the biggest game-changer for housing development, especially large housing development projects,” Bonstelle said.
“By this time next year, all of these projects that have been filed in the last six months are going to show up in the data, and I think it's going to make a real [difference] for investors,” Bonstelle said, adding that evidence of faster timelines is likely to attract more risk-averse developers.
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