A plan for turning a former rail yard next to the Los Angeles River into park space, wetlands and other amenities could cost more than $252 million, city analysts said in a report Thursday.
The City Council voted in May to allocate $40 million for the purchase of the vacant site, which is owned by railroad company Union Pacific and referred to as Parcel G2. But the overall project, including the removal of contaminated soil, could reach six times that amount, according to the 91-page report.
Mayor Eric Garcetti has championed the G2 project for years, describing the property as a “crown jewel” of a larger, 11-mile river restoration initiative. He and the council must decide over the next few weeks whether to move ahead with a purchase of the site, which sits on the north side of the river next to Rio De Los Angeles State Park.
Asked about the estimates, Garcetti said through an aide that he remains committed to the purchase of the property. The G2 site will create “41 acres of much-needed green space in the heart of L.A.,” said his spokeswoman, Connie Llanos.