Every day, The Real Deal rounds up Los Angeles’ biggest real estate news. We update this page in real time, starting at 9 a.m. PT. Please send any tips or deals to tips@therealdeal.com
This page was last updated at 3:30 p.m. PT
“The Incredible Hulk” actor Lou Ferrigno lists Santa Monica home. The actor and former bodybuilder listed his 3,500-square-foot home for $3.9 million. He and his wife, Carla Ferrigno, bought the home for $547,000 in 1980 when he was playing the “Hulk” on television. Everything about the house is modest besides except for a 1,000-square-foot gym that Ferrigno calls the best home gym in the country and where he trained Michael Jackson, Chuck Norris and others. [WSJ]
Activists say L.A.’s proposed sidewalk sleeping ban isn’t feasible for homeless. Activists mapped out how Councilmember Mitch O’Farrell’s proposed ban on sleeping near driveways, doorways, schools, parks, and other facilities, would impact the area around his Echo Park office. A separate L.A. Times analysis found that 26 percent of the city would be off limits for sidewalk sleeping. A ban on sleeping in parks closes off another 15 percent of the city. [LAT]
WeWork’s parent company could launch its IPO roadshow on Tuesday. The company plans to push ahead with the roadshow and the initial public offering despite widespread skepticism about its business model. The board should finalize a decision about when to launch the roadshow on Monday. Roadshows typically happen one or two weeks before a company goes public, and the We Company is expected to list stocks on the Nasdaq as soon as the week of Sept. 23. [NYP]
A home automation company backed by Blackstone Group is merging with a unit of SoftBank. Vivint Smart Home Inc. will create a company valued at $5.6 billion through the merger. The company makes a variety of smart home security products. [Reuters]
The $5 billion Rams-Charger stadium in Inglewood gets a new name. Officials say the stadium, now called SoFi Stadium following June’s naming rights deal with the finance services company, is 75 percent complete and will be ready to host events starting in June. The larger 300-acre Los Angeles Stadium and Entertainment District development around the stadium is set to have 900,000 square feet of retail space, apartments, a hotel, office space and a 6,000-seat theater venue. [LABJ]
PG&E agrees to pay $11 bill to resolve wildfire-related insurance claims. The bankrupt utilities company settled with a group of insurance companies and investors accounting for around 85 percent of claims against the company related to deadly fires in 2017 and 2018. PG&E still hasn’t settled with claims from individuals who lost loved ones or property in fires sparked by the company’s equipment, who collectively say they’re owed $40 billion. [LAT]
A small-lot development is in the works in Highland Park. Plans call for 18 units across three parcels at 6021-6029 E. La Prada Avenue. Real estate investment crowdfunding platform Fundrise is involved in the project. [Urbanize]
California high-speed rail project delayed from land-deal mismanagement. Seven years after the project to connect the state with a high-speed train, the state authority overseeing the project still needs to acquire hundreds of parcels for the rail line. The authority also owns and must manage hundreds of acres of land it acquired for the project. Contractors are filing hundreds of millions of dollars in claims because of the delays. [LAT]
Bernie Sanders is making a call for national rent control. The $2.5 trillion affordable housing plan would also focus on ending homelessness. It would expand public housing, increase the amount of affordable housing and limit annual rent increases to no more than 1.5 times the inflation rate or 3 percent. The campaign will release the full plan within the next month. [NYT]
WeWork’s IPO valuation just keeps getting lower. Sources have now told Reuters that the co-working giant may seek a valuation between $10 and $12 billion for its initial public offering, a dramatic decrease from the $47 billion valuation it hit in January. Its dropping valuation could impact other real estate startups as well. [Reuters]
And it turns out Adam Neumann is no Mark Zuckerberg. The WeWork co-founder’s reluctant decision to cede some of his powers as the company prepares to go public is an indication that the era of founders taking their companies public while still maintaining strong voting power is over. [Bloomberg]
Markets are starting the week on a high note. TRD’s analysis of 28 real estate stocks found that they did better than the S&P 500, increasing by more than 3 percent. However, 19 of the companies saw their share prices plunge on Friday. CoStar Group’s value fell the most, dropping by 7.7 percent to close on Friday at $570.11, while Newmark Knight Frank did the best, rising by 14.4 percent to close at $10.11. [TRD]
A criminal hack at the Corcoran Group on Friday caused the entire company to get an email with agent splits. The email also included marketing budgets and gross commission income, according to TRD. The email came from Corcoran sales president Bill Cunningham and was retracted quickly. The hack appeared to be contained to one email account, and customer data was not involved. Corcoran plans to investigate the hack as criminal activity. [TRD]
FROM THE CITY’S RECORDS:
A three-story apartment building with 10 units is planned at 1602 W. Adams Boulevard in West Adams. Holtz Architecture is designing the building. [LADCP]
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