Every day, The Real Deal rounds up Los Angeles’ biggest real estate news. We update this page at 9 a.m., 12:30 p.m., and 4 p.m. PT. Please send any tips or deals to tips@therealdeal.com
This page was last updated at 9 a.m. PT
Kanye West (Credit: Getty Images)
Calabasas pushes back on Kanye West’s affordable housing prototypes. West has already built several prototypes of the “Star Wars”-inspired housing units in his backyard, but city officials say he never got the permits. The rapper and clothing designer has to bring the project into compliance by mid-September or tear the prototypes down. [TRD]
Optimus Properties, LLC cofounders Kamyar Shabani and K. Joseph Shabani and the building
Optimus Properties picks up Tarzana medical office. The property, Tarzana Tower, totals 85,000 square feet. It will be repositioned, and is next door to the Providence Tarzana Medical Center, which is undergoing a $540 million expansion backed by Cedars Sinai Medical Center. [TRD]
Rendering of the Korean American National Museum (Credit: Morphosis)
Futuristic design for Korean American National Museum revealed. The prolific architecture firm Morphosis showed off its new design at an event to announce $4 million in state funding for the Vermont Avenue project. In June, museum officials scrapped plans to include 103 housing units on the property. [Curbed]
John Stamos buys equestrian estate in Hidden Hills. The former star of “Full House” paid $5.75 millon for the new abode, which spans 5,750 square feet. The 1.5-acre property also has a basketball court, playground, garden, and barn. [LAT]
DTLA Flower Market redevelopment clears a hurdle. The collective that owns the market wants to replace part of the 4-acre property with a 15-story mixed-use tower with 323 residential units. Around 128,000 square feet of the tower would be split between office and market space. Another 39,000 square feet is set for event space and other commercial uses. The project now goes to the Los Angeles City Council’s planning committee. [Urbanize]
Related CEO Stephen Ross (Credit: Getty Images, Wikipedia, Facebook, and Twitter)
Stephen Ross’ empire is far bigger than Equinox and SoulCycle. Personally and through companies including Related Companies, RSE and Vayner Media, the billionaire has invested in more than 30 businesses. Ross is already facing business backlash after it was learned that he will host a fundraiser for Donald Trump at his Hampton’s home. [TRD]
There are now 17 people charged in connection with the 1MDB scandal. The fallout from the notorious money-laundering scheme has extended to a Goldman Sachs executive and a former executive, among others. Jho Low, the mastermind behind the scheme, was accused of diverting money from the $6.5 billion Malaysian fund to buy properties in New York and California. His properties are now being listed for sale as part of a forfeiture suit, while he remains at large. [NYT]
Zillow shares fell after its second-quarter earnings report. The listing giant’s shares fell 16 percent after changes to the way it serves ads alarmed investors. Zillow has shifted from conventional real estate ads to ads that target home-flipping. The company’s New York City listings platform, StreetEasy, caused caused two years ago when it released its Premier Agent ad program. [Bloomberg]
FROM THE CITY’S RECORDS:
A developer filed plans to demolish several single-family dwellings in Rancho Park and build a 43-unit apartment building, setting aside five units for extremely low-income residents. [LADCP]
Compiled by Dennis Lynch