SOUTH LOS ANGELES (CBSLA.com) — A $1.1 billion University of Southern California re-development project became official Wednesday with the signing of a development agreement.
Mayor Antonio Villaraigosa and USC President C.L. Max Nikias signed the deal for the new USC Village at 9 a.m.
“With today’s signing, we are ushering in a new era for this region. This plan represents a sea of change for this community,” councilwoman Jan Perry said.
The project, which is expected to create 12,000 jobs, will be located on USC-owned land near Hoover and Jefferson streets where the current University Village stands.
The university plans to fill at least 30 percent of the jobs locally, with 10 percent going to members of disadvantaged groups.
The new USC Village will include 350,000 square feet of retail, dining and academic space, graduate and undergraduate housing and a hotel.
“It will be a nice way to come hang out with friends, a good place to go on a Friday night,” student Constance Hiller said.
“We don’t have to go to other cities to shop or dine and it’s gonna be a great assets for the community,” local resident Griselda Bonilla said.
The Los Angeles City Council unanimously approved the plans for the development in December 2012. It is being billed as the largest project in South LA history and is expected to be completed in 2030.
The project will be fully funded by USC and is part of the school’s larger master plan that was approved in 2008.