STUDIO CITY (CBSLA.com) — Sportsmen’s Lodge, a Studio City landmark, may soon expand and become Sportsmen’s Landing.
The project involves the city’s recent sale of an old fire station to Developer Richard Weintraub, who wants to turn the neighboring landmark into an upscale commercial hub.
As part of the redevelopment, Weintraub bought the firehouse near the Los Angeles River, but critics say he got it for a steal.
“They should be able to recommend good fits, but it shouldn’t be at the expense of the balance sheet of the city, and I think that’s really the issue,” said Jay Handel, co-chairman of the Neighborhood Council Budget Advocates.
Handel questions why the city would sell the property for roughly a million dollars without fielding other offers.
In 2008, an appraiser valued the parcel at $1.7 million, and in the years since, it has appraised for substantially less.
Still, Handel believes city leaders could have gotten more money by putting the firehouse up for bid.
“Ultimately, the stake hold is the citizens of the city who don’t get the kind of police protection that they deserve. They don’t get the fire protection they deserve. They don’t get the streets fixed, the gutters fixed. And all the services they deserve for the dollars they pay, don’t get the best bang for their dollars when we sell our assets,” Handel said.
Councilman Paul Krekorian represents the area.
His office insists that even if the property could have fetched a better price, another buyer would have likely wanted to build high-density housing or put in another project that wouldn’t have been as beneficial to the neighborhood.
But the developer argues he actually paid over market. He says an appraiser valued the property at less than $900,000.
Weintraub told CBS2: “A parcel that is virtually landlocked has very little value to anyone else but us.”
The redevelopment project is getting support from multiple business groups, but some neighbors who say they worry about noise and traffic are hoping an appeal will stop Weintraub from breaking ground.
