Case Study 2.0 Launches to Help Fast-Track Fire Rebuild

An old idea just got a new life as architects and builders think about how to best — and quickly — rebuild Altadena, Pacific Palisades and Malibu after January’s wildfires.

Introduction to Case Study 2.0

Los Angeles land use firm Crest Real Estate assembled over 40 architects for a reboot of the post-World War II Case Study program, which they’ve named Case Study 2.0. In brief, homeowners can choose from a catalog of designs created for many standard lot sizes in Altadena and the Palisades, trimming the time spent on design planning. Where the program really has legs is when multiple homeowners use the same design. Once the first plan goes through the city approval process, all others are expected to go straight through at a faster clip. The same expedited process is also applicable in the construction of these homes. Once one home is built, construction crews will already have the muscle memory from the first.

The Inspiration Behind Case Study 2.0

“Immediately after the fires, Jason and I were talking almost daily about what we could do to help with this rebuilding effort,” said Crest CEO Steven Somers, who co-founded the company with his brother and president Jason Somers. “We’re both third generation Angelenos, We both grew up in the city. We both went to UCLA. Our uncle lost his home in the Palisades, and so we care very, very deeply about this city and these communities.” The program officially launched to the public Thursday.

Blue-ribbon plan

On a related note, an independent commission is calling for the creation of a new authority that would oversee fire rebuilding countywide. The Blue Ribbon Commission on Climate Action and Fire-Safe Recovery offered the idea of establishing the Resilient Rebuilding Authority earlier this month to provide the oversight needed to get Altadena and Pacific Palisades rebuilt. Part of the suggested plan would be to have the authority step in to buy lots from property owners and then work with developers to coordinate the large-scale rebuilding. The idea is to stem the possible tide of speculative developers scooping up lots, rebuilding and then relisting the properties at unaffordable prices.

Rick Caruso on regs, DTLA

Developer Rick Caruso told a room of real estate executives he’d like to “unbundle the place” from regulations if he were governor. The question has been posed many times over whether he wants to run for office, and he confirmed during his keynote at the Connect Los Angeles conference about a week ago that he’s looking into a path to mayor or governor. So when someone from the crowd asked what he’d focus on if he oversaw the state as governor, the response in a word was regulations — “attacking” them, that is.

Big score on the Eastside

Last week a Silver Lake residential deal made waves by surpassing the neighborhood’s previous historical high after 1844 Silverwood Terrace closed for $10 million. Carolwood Estates’ Jonathan Mogharrabi and Marci Kays were the listing agents, while Redfin’s Laura Reckmeyer represented the buyer. Silverwood Terrace beat the $8.6 million sale of 2138 Micheltorena Street set in 2014, which was the neighborhood’s previous high and shatters the closings of more recent deals that have sat around the $5 million to $6 million mark.

CIM sells studio campus for $230M

CIM sold The Lot at Formosa for $229.8 million to a Delaware-registered shell company it controls. A spokesperson for the investor and developer told The Real Deal the trade was a “recapitalization” that received the greenlight from an “independent committee” at the firm. CIM scored a $155 million loan from Blue Sky Servicing, which shares an address with CIM, for the deal on the 11-acre West Hollywood property comprising seven sound stages and offices.

From Tinder to real estate

Justin Mateen, co-founder of Tinder, just made another go at Los Angeles real estate. He paid $69 million for the Hollywood Galaxy shopping center and neighboring Petersen Building. “While others are pulling back from cities like L.A., we’re doubling down. Its resurgence feels inevitable,” Mateen told the Los Angeles Times, referring to himself as a “contrarian investor” by way of the JAM Fund he started.

Hotel owners look for exit amid LA minimum wage hike

If only Pebblebrook Hotel Trust CEO Jon Bortz could find a buyer for his properties. “We would love to sell [our L.A. hotels],” Bortz told The Wall Street Journal. “But nobody will buy them.” Investors have been giving hotels the cold shoulder after the Los Angeles City Council approved a plan to hike the minimum wage eventually to $30 an hour.

Conclusion

Case Study 2.0 is an innovative approach to rebuilding after wildfires, aiming to provide swift and efficient solutions for homeowners in Altadena and Pacific Palisades. With its catalog of designs and expedited approval process, it has the potential to make a significant impact on the rebuilding efforts. Additionally, the program’s focus on community involvement and affordability could help address concerns about speculative developers and unaffordable housing.

FAQs

• Q: What is Case Study 2.0?
  A: Case Study 2.0 is a reboot of the post-World War II Case Study program, aimed at helping to rebuild Altadena, Pacific Palisades, and Malibu after January’s wildfires.
• Q: How does Case Study 2.0 work?
  A: Homeowners can choose from a catalog of designs created for standard lot sizes, trimming the time spent on design planning. Multiple homeowners using the same design can expedite the city approval process and construction.
• Q: What is the Resilient Rebuilding Authority?
  A: The Resilient Rebuilding Authority is a proposed authority that would oversee fire rebuilding countywide, providing oversight and coordinating large-scale rebuilding efforts.
• Q: What is Rick Caruso’s stance on regulations?
  A: Rick Caruso would focus on "attacking" regulations if he were governor, aiming to reduce the regulatory burden on developers and businesses.
• Q: What is the significance of the Silver Lake residential deal?
  A: The $10 million sale of 1844 Silverwood Terrace surpassed the neighborhood’s previous historical high, indicating a potential upward trend in Eastside prices.