Despite the scale and cost of the project, developments like the El Monte Transit Village are not only feasible but necessary for the Southland, said University of Southern California real estate expert Raphael Bostic. "It is ambitious, no question about that," said Bostic, associate director of USC's Lusk Center for Real Estate. "But the region faces some serious challenges in terms of congestion and you are going to need some ambitious and creative solutions to deal with that. And this is not crazy by any stretch." And while Titan has only built warehouse, office and senior housing projects in the city, that doesn't mean the company is out of its league in proposing a development like the transit village, Bostic added. "(Rick) Caruso had not been in this sector of the market either," he said, referring to the developer of the Grove shopping complex who has moved on to propose and build large mixed-use projects like the Americana at Brand in Glendale and the Shops at Santa Anita in Arcadia. "I think just about everyone is looking at these sorts of projects as the next frontier. We are seeing lots of developers getting into this sort of product that haven't done it before." Bostic admitted that there were risks associated with a project of this scale, which is rivaled locally only by the L.A. Live entertainment complex going up next to Staples Center and the proposed Grand Avenue project, both in downtown L.A. "To expect some guaranteed success is not reasonable," said Bostic. "But by nature of the transit hub, that is an indication that there is a level of activity in that area that you may be able to capitalize on as a business person."
September 24, 2007