LA seeks to make parks from foreclosures

• Tweet

LOS ANGELES, Nov. 23 (UPI) -- Los Angeles said it plans to create 50 new city parks with some of the space coming from at least 10 foreclosed properties.

"This is the leading park initiative in the country," the Los Angeles Daily News Wednesday quoted Barry Sanders, president of the Board of Commissioners of the Recreation and Parks Department, as saying. "We're building parks in a way that's reasonable and economical."

Los Angeles Mayor Antonio Villaraigosa last week announced the city's first large-scale plan to transform vacant lots and foreclosures, which could significantly raise property values throughout the city, the Daily News said.

"If the city can make an amenity out of a foreclosed house, they can raise the value of the surrounding houses and neighborhood," said Richard Green, president of the USC Lusk Center for Real Estate.

Developer-paid funds, a state water bond and non-profit centers would contribute the $250,000 to $700,000 needed to create the parks.