$2B Fourth and Central Development Fast Tracked by Governor Newsom
A $2-billion initiative that could introduce several high-rise structures to the intersection between the Arts District and Skid Row is receiving support from Governor Gavin Newsom. Last week, the Governor's office disclosed the certification of Continuum Partners' Fourth & Central project as an Environmental Leadership Development Project (ELDP), a result of legislation through SB 7 and SB 149.
The ELDP designation mandates any legal challenge to the project under the California Environmental Quality Act to be resolved within 270 days, potentially significantly expediting the project timeline.
The 4th and Central development entails 10 new buildings encompassing 2.3 million square feet of floor area, featuring:
1,521 residential units, including 949 rental units, 572 for-sale homes, and 214 units of affordable housing;
approximately 411,000 square feet of office space;
over 100,000 square feet of retail and dining establishments; and a 68-key hotel.
“We are thrilled that Gov. Gavin Newsom has certified Fourth & Central as an Environmental Leadership Development Project," said Mark Falcone of Continuum Partners in a statement. "Through this important action, the Governor is signaling to the market that he will stand behind well-conceived projects that thoughtfully address the State’s urgent housing challenges, climate and transportation issues, and provide for a living wage all at the same time. The Governor has been clear that he intends to lead the State forward to meaningfully address these issues and to spur the kind of investments California’s Downtown centers will need over the next 10 years to recover their essential vitality.”
The project, named for its location at the intersection of 4th Street and Central Avenue, is on course to conclude the city entitlement process by the close of 2024.
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