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Catellus Development Corp (CDX) Message Board

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  • nellgwyn nellgwyn Nov 16, 2000 12:00 AM Flag

    prop l

    There was an article today in the wsj on prop L.
    L is very restrictive to office development but (so
    the article explained) the alternative might even be
    worse. Currently (since sometimes in the late 80s I
    think) a proposition was passed that limited office
    development to 950000 square feet a year. This didn't matter
    for a long time because the market was a bit
    overbuilt and didn't need new construction. But those days
    are over now. L is actually less restrictive than
    this earlier proposition, although still very strict.
    However, there's a very important kicker. CDX cut a deal
    for Mission Bay which exempted it from the 950000
    restriction. So the current situation is good for
    CDX--everybody else is restricted, but not CDX. I don't know
    how/why CDX got this, but CDX gave the City (or to the
    University for the Med Center)a lot of Mission Bay land for
    free. Plus most of Mission Bay is housing anyway--which
    is what the Prop L types want anyway.

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