The cost to turn 42 acres of contaminated railroad property on the border of Cypress Park and Glassell Park into a “crown jewel” of riverfront revitalization could top $1 billion. That’s according to an updated study by the Bureau of Engineering that will be reviewed today by a City Council committee.
In March 2017, the City of Los Angeles purchased the land, known as the G2 Parcel, for $60 million with the aim to develop a combination of park space, walking trails, wetlands, wildlife habitat, river access, public recreation, and other amenities.
The undertaking, known as the Taylor Yard G2 River Park Project, is a portion of the greaterLos Angeles River Revitalization Master Plan, and sets out to unite the surrounding Rio de Los Angeles State Park and the state-owned G1 Parcel, which together would form 100 acres of open space along the LA River.
While a major milestone in the project was reached last month with the completion of the SPF:architects-designed Taylor Yard Pedestrian Bridge, the cost of the G2 revitalization has soared since the start.
As reported by The Eastsider, between 2016 and 2019 the cost jumped from $252 million to $798.2 million, whi…