Plans for a major, mixed-use real estate development around USC were unanimously approved Tuesday by the Los Angeles City Council. It will be the largest private development in South Los Angeles.
The project, which will be built on university-owned land at Hoover Street and Jefferson Boulevard, is expected to create 8,000 permanent jobs and 4,000 construction jobs. Overall, construction on Village at USC will have a $1.1 billion impact on Los Angeles County’s economy, according to numbers provided by the university.
The project, which will include new student housing, restaurants, retail shops and a grocery, has been a decade in the making.
Tom Sayles, USC’s senior vice president of university relations, told reporters after the vote: “At the end of the day, we all came together and as a result we are now going to have a truly transformative project — a project that will improve the quality of life as well as improve employment opportunities in our neighborhood,”
On the housing front, the project will provide housing for 5,200 students. There will be 250 apartments for faculty and student families. University representatives expect to relieve housing pressures in the neighborhood and open up apartments for residents who are not affiliated with the school.
A 165,000-square-foot hotel and conference center will also be built.
“For many years the university was growing and expanding and there was no public plan in place,” said Councilman Jan Perry, whose district includes the private university.
The planning document adopted by the council “clearly shows the next 20 years of development,” Perry said.
The plan has $27 million in benefits for the University Park neighborhood, including a local hiring and apprenticeship program for residents. USC will also give $20 million to the city’s Affordable Housing Trust Fund.
USC expects to break ground next year.