Southern California developers are increasingly striking deals on land once used for oil extraction. Oil drilling sites across Los Angeles are being reclaimed for commercial real estate development as the City and County of Los Angeles move to phase out drilling, Commercial Observer reported. As it stands, there are 68 named oil fields and thousands of wells across the city. Those parcels are becoming redevelopment targets as buildable land is scarce and prices are climbing, making former oil and refinery sites attractive in both scale and price. It’s not necessarily easier, however, given the environmental, financial and bureaucratic headaches that […]
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