The University of Southern California is expanding by $1.2 billion worth of developments in the area around the urban campus. In addition to student housing and retail, the deal calls for the school to invest in community programs and affordable housing.
The new expansion won universal support from the City Council on Tuesday. The 20-year agreement calls for a $20 million investment into an affordable housing fund to support housing needs in the poverty-stricken area around the school. Estimates place the total job creation from the project at more than 12,000 and according to one member of the city council, LA could see more than $5 billion in economic benefits during the course of the agreement. The agreement included a 30 percent local hire requirement.
The actual expansion will incorporate roughly 5 million square feet of retail, school, and housing space.
Read the full story at the Los Angeles Times.