Global investor preference by region (Credit: CBRE, click to enlarge)

From the New York website: There’s $1.7 trillion of dry powder across the globe just waiting to be deployed into real estate in 2017. Los Angeles was the No. 1 target for investors in the Americas, while New York City slipped down one spot to No. 3.

But investor concerns ranging from a real estate bubble bursting to a black swan economic event throwing markets into turmoil has analysts projecting transaction volume to stay flat at $895 billion, according to CBRE.

CBRE, the world’s biggest real estate services firm, published its annual survey of global investors Wednesday, which painted a rosy outlook for the year. It polled approximately 2,000 investors globally, the firm said.

A full 40 percent of investors planned to spend more on real estate in 2017, and 16 percent intend to spend less. Last year, CBRE’s survey projected volumes to increase by 4 percent, but they ended up falling by 9 percent.

This year, CBRE is projecting a zero percent change.

“We also believe that there is considerable upside and downside potential depending on economic events: Investment volumes could be up by 10 percent or they could fall by as much as 10 percent,” the survey synopsis read.

Investors expressed concerns that a possible global economic shock could disrupt occupier demand, along with fears that interest rates would grow faster than expected (although this was less of a concern than it was last year). They were also nervous that prices had climbed to high, and the market may be in for a bursting bubble.

In the Americas, domestic investors expressed more inclination to place their dollars at home than they did last year. They expected to place 74 percent of investments in North America in 2017, compared to 39 percent when surveyed last year.

CBRE said possible factors for this switch include a positive outlook for the U.S. economy, fears over European politics and the possible disintegration of the European Union as well as expectations that the dollar will rise – making it a poor time to convert dollars into other currencies.

“It was probably a mixture of all three,” according to the report.

Property buyers also noted one major shift this year. In 2016, the top motivation for investors – 37 percent of responses – was the expectation of higher growth compared to other asset classes. This year, however, most investors – 30 percent of respondents – said they were looking for better yield compared to other asset classes.

“The switch from growth to yield is primarily a reflection of the fact that prices for real estate assets are high and that most of the total returns from real estate are likely to be from income returns,” CBRE said.

N. Arden Drive home, Geoff and Anne Palmer (MLS/Getty Images)

Looks like developer Geoffrey Palmer is a fan of Beverly Hills Flats.

The real estate mogul sold a home on N. Sierra Drive earlier this month for $8.5 million. A week later, he bought a Spanish Colonial-style estate on N. Arden Drive for $10.3 million, or $1,502 a square foot, The Real Deal has learned.

Built in 1930 by L.A. architect Paul Williams, the 6,889-square-foot home has six bedrooms,10 bathrooms and a wrap-around terrace covered in roses. The backyard includes a pool, outdoor fireplace, cabana and a dining area with a barbecue and pizza oven. There’s also a detached one-bedroom, one-bathroom guest apartment above a three-car garage.

The home is registered to the developer’s wife, Anne Palmer, a trustee at the Los Angeles County Museum of Art, according to property records.

Palmer purchased the residence just under its asking price of $10.9 million. It first hit the market in August 2016, asking $11.9 million, before getting a price cut in October.

The seller is a trust associated with Barry Perlman. It’s unclear whether it is the same Barry Perlman who co-founded Lucky Brand jeans in 1989.

Billy Rose and Natasha Barrett of the Agency represented the seller. Susan Perryman of Hilton & Hyland was the buyer’s agent.

Palmer, one of President Donald Trump’s biggest campaign donors, was once dubbed Downtown’s worst developer by Curbed. The publication cited his  massive faux-Italianate apartment complexes such as the Orsini, the Medici and the Da Vinci, the latter of which burned down to a crisp last year.

Construction laborers work on the construction of the Broad Museum in 2013 (Credit: Getty)

In December, experts told The Real Deal the passage of labor-backed ballot Measure JJJ — which mandates developers seeking zoning amendments pay workers union-approved rates and include affordable units in their projects — was already having a chilling effect on investment.

At the time, developers and real estate attorneys were mulling how it could be fought in court.

Now, the first lawsuit against the measure, also known as Build Better L.A., has been filed — by a construction worker.

Jim Luke, a construction worker from Illinois, and the Golden State Environmental Justice Alliance, a nonprofit based near Riverside, filed a federal lawsuit last week in the District Court for the Central District of California which claims that the “local hiring” provision in Measure JJJ is unconstitutional. It alleges the provision creates incentive for private contractors to discriminate against out-of-state residents when hiring, Courthouse News reported.

The provision states developers “must make a good-faith effort to ensure that at least 30 percent of all their respective workforces’ construction workers’ hours … shall be performed by permanent residents of the City of Los Angeles.”

It mandates that at least 10 percent of all hours come from people who have troubling finding jobs — the homeless, veterans, single parents and ex-criminals among them — who also live within 5 miles of the project.

The complaint also says that JJJ will not fulfill the promise it made to voters — that it would help to ease L.A.’s housing shortage.

“[It] compels persons who wish to work on certain construction projects to relocate to the City and thereby compete with existing residents for the available housing stock,” Luke and the alliance say in their eight-page complaint.

These hiring provisions will deter out-of-state developers from building in L.A., which can also decrease potential supply, the complaint alleges.

Under the Privileges and Immunities Clause in the U.S. Constitution, a state law cannot discriminate against residents of another state without a “substantial reason.”

Luke’s lawsuit seeks a declaration that the local hiring provision violates the constitution and an injunction preventing its enforcement.

Should the court rule Luke’s favor, it will have to decide whether to strike down just the hiring provision or the entire measure, said the plaintiffs’ attorney Craig Collins of Blum Collins. [CN] — Hannah Miet

Steve Witkoff, 500 Broadway and 1626 Lincoln Boulevard (Koning Eizenberg Architects)

Steven Witkoff, the New York-based developer behind the Edition Hotel in West Hollywood, is making a big rental play in Santa Monica.

His firm, Witkoff Group, is in advanced discussions to partner with an undisclosed institutional investor to develop a 249-unit rental complex at the former Fred Segal site at 500 Broadway, The Real Deal has learned.

Dune Real Estate Partners and Beverly Hills-based KRE Capital were originally slated to develop the site. While the discussions involve those partners remaining in the deal, Witkoff is poised to make a sizable investment in the project, which is pegged at a total of over $400 million, sources said.

As part of the deal, the partners would also complete the development of 64 affordable units off-site at 1626 Lincoln Boulevard, which would be owned and operated by Community Corporation of Santa Monica, an affordable housing organization.

Brett Mufson, the head of acquisitions for Witkoff, declined to comment on the deal.

The seven-story, mixed-use project, designed by designed by Koning Eizenberg Architecture, has been in the works for several years. The Santa Monica City Council signed off on it last year.

Fred Segal vacated the building in 2014. The fashion brand’s iconic Melrose Avenue store also recently sold for $43 million to CormackHill, a Canadian retail investment firm.

The brand recently inked a deal for a 22,000-square-foot store a 8500 Sunset, CIM Group’s Sunset Strip project.

Witkoff and partner Howard Lorber recently broke ground at the West Hollywood edition, which is slated to have 190 hotel rooms, 20 condominium units and nightlife venues. Witkoff’s holdings in New York include the lower floors of the Woolworth Building, as well as condo projects at 111 Murray Street and mixed-use project which includes an Edition hotel at 701 Seventh Avenue.

Looking out across Los Angeles from behind the famous sign in the Hollywood Hills

Despite a lack of affordable and workforce housing, Los Angeles just ranked as the seventh top city for millennials. 

Realtor.com’s list of millennial hot spots was led by Salt Lake City. Miami came in second place, followe by Orlando, Seattle, Houston and L.A. The report looked at the largest 60 markets in the country and compared the share of millennial page views to the national average from August to February.

Millennials between the ages of 25 and 34 represent 15 percent of the La La Land’s population. Companies such as Snap Inc. draw tech-driven millennials to what is now referred to as “Silicon Beach,” according to the report, while actors, comedians and music artists are still drawn to L.A. for the same reason they always have been: fame.

Silver Lake is a hotbed for millennials looking for a young and creative community, the report notes.

For the time being, housing remains a challenge in Los Angeles, where residents spend an average of 64.1 percent of their income on a home, according to the report.

In Miami, buyers spend an average of 49 percent of their income on a home, and home prices rose 6.8 percent in December year-over-year, marking the sixth highest increase in the nation, although that growth is slowing.

Across the country, Americans spent the highest share of their incomes on mortgage payments since 2010 during the last quarter, according to Zillow. The economy’s improvement after the housing crash generated new buyer demand for housing, but the affordable housing inventory — especially in denser cities that are attractive to millennials — hasn’t met the demand.

Rendering of Queen Mary Island complex (Gensler)

Urban Commons, the owner of the historic Long Beach cruise ship Queen Mary received some bad news last week when a marine survey found the ship could quickly collapse if its disrepair isn’t addressed. But the L.A. investment firm seems to be taking it in stride. 

Urban released a $250 million plan to Long Beach officials Wednesday that it says will help pay for the repairs on the rusting ship, the Los Angeles Times reported.

Plans call for a large entertainment complex adjacent to the ship, with a 2,400-foot-long boardwalk that has a new small-boat marina as well as cafes, bars and shops. There would be about 700,000 square feet of retail space, a 200-room hotel and an amphitheater for concerts.

Urban Commons also plans to bring in London-based Urban Legacies, which creates entertainment and sporting attractions. The firm would launch its first North American location at the site and bring in activities such as a trampoline park, zip-lining, surfing and simulated skydiving.

Revenue from the development would go toward the $289 million in repairs the 81-year-old ocean liner needs.

The ship currently generates income from visitor fees, festivals, Halloween attractions and its 314-room hotel. Revenue from the hotel and events totaled $15 million in 2014, according to the Times. [LAT] — Subrina Hudson

Current reader favorites:

1. Elon Musk buys fifth Bel Air property for $24M
2. Nazarian family sells Century penthouse for $15.2M
3. Jodie Poirier on her CBRE promotion, industrial market
4. Compass wants to build real estate’s answer to Pinterest
5. Here are the CA real estate players on Forbes’ billionaires list

Harbor View House 921 S. Beacon Street and Council member Joe Buscaino

Harbor View House, a 1925-built San Pedro building home to California’s largest facility for the mentally ill, just hit the market for the first time in nearly half a century.

The five-story property, which is slated to sell for about $10 million, could be developed into a boutique hotel or apartment building. The building’s owner, Healthview Inc, will relocate residents from the S. Beacon Street property over the next eight months, according to the Daily Breeze.

The 107,000-square-foot building has been long sought after by developers because of its proximity to San Pedro’s waterfront. At least two L.A. developers have already made offers, according to the Breeze, and a third offer is expected imminently.

City Council member Joe Buscaino, who represents the area, supports the development of a boutique hotel on the site, he told the paper. Other options include micro-units for sale or lease.

“There are two feasible scenarios,” he said. “But I’m going to be insistent on creating and redeveloping this property as a boutique hotel. I see that as a better economic benefit.” [DB] — Cathaleen Chen

Donald Trump and Trump Tower (Credit: Getty Images)

From the New York website: Oh, those pesky registration forms! The Trump Organization violated a city law for seven months when it failed to register Trump Tower with the city by a Sept. 1 deadline.

City law requires owners to register properties with the Department of Housing Preservation and Development. All that’s required is filling out contact form and paying $13 to the Department of Finance each year.

But fines can run up to $500 and unregistered owners have no legal grounds to take residents to court if they don’t pay their rent.

Hours after the violation was reported by NBC News, the Trump Organization renewed its registration, according to the New York Daily News.

The skyscraper at 725 Fifth Avenue — a.k.a. White House North — is home to First Lady Melania Trump and 10-year-old son Barron Trump.

Condo sales at the building have surged since President Trump announced his run for president in mid-2015, The Real Deal recently reported. There were 22 sales in the building in 2016, up from 15 in 2015, according to StreetEasy data.  [NYDN] — E.B. Solomont

Ty Cueva and 16097 Somma Way

The biggest spec home in Los Angeles, located near the Hotel Bel Air, is now for sale for $75 million.

Listed and developed by Ty Cueva of Westside Property Group, the 40,000-square-foot modern Spanish villa contains a whopping 21 bathrooms and eight bedrooms. It has an indoor basketball court, recording studio, wine cellar with tasting room, full-service salon, spa with sauna, gym, movie theatre, service kitchen, and a security room next to its car gallery.

There are six bars throughout the home, and two pools — an outdoor infinity pool with waterfall and an indoor salt water lap pool. The estate has arched doorways both inside and out.

The home is the only available spec home with a basketball court and indoor pool, Cueva told The Real Deal.

“‘Billionaire entertainer’s paradise’ — that’s what we went for,” he said. What’s also notable, he added, is the Spanish modern style, as most specs  tend to be contemporary in style.

The house at 10697 Somma Way sits on a 1.3-acre lot. Cueva built it in collaboration with Dean Hallo of Hallo Construction. The property last changed hands for $1.25 million in 2013, property records show.

Like any massive project in L.A., this one did not evade controversy. Residents on Somma Way protested the development when it was being built in 2014, lamenting the disruption that its excavation would bring.

When the L.A. Board of Building and Safety Commissioners approved the endeavor, the Bel Air Homeowners Alliance sued the agency, along with the Land Use Management Committee and the purveyors of the project, according to the Beverly Hills Courier. But the suit was soon settled when the builders worked out an arrangement, Cueva said.

A $100 million spec house hit the market last month in Trousdale Estates. Dubbed “Opus,” the 20,500-square-foot home was developed by Nile Niami. The steep price tag accounts for not only the seven-bedroom mansion but also $2 million worth of artwork, a gold Lamborghini Aventador, and a gold Rolls-Royce Dawn. And in January, developer Bruce Makowsky unveiled the most expensive listing currently in America: a 38,000-square-foot palace in Bel Air that asks $250 million.

Niami announced plans in 2015 for a 104,000-square-foot, $500 million spec home, but the development has not officially hit the market.

From the New York website: Call it the Running of the “conservabulls.”

Joseph Sitt, head of Thor Equities, employed the term on Bloomberg TV on Wednesday, referring to investors who are looking for a safe place to park their cash.

“What they are looking for is, ‘How can I invest my money and be a bull but, at the same time, be safe?'” he said. “I would liken them to tourists. Folks like cities to invest their money that have less exposure.”

He said the threat of terrorism or the “Game of Thrones kid” running North Korea has people careful about where they choose to invest. Even President Donald Trump poses a potential “global shock risk,” he said.

“Donald Trump put a little fear. What’s he going to tweet at 8 a.m. on Sunday morning?” he joked. “That concern makes people become what I call conservabulls.”

Madrid, Milan and New York City are probably the safest bets, Sitt said. He cited HNA Group’s $2.2 billion contract to buy 245 Park Avenue.

“If I’m HNA, do I like the second-tier markets in the United States? Yes, I love them, but I’m sort of thinking to myself, ‘yes I love it but I also want to sleep at night,'” he said.

Sitt is having a bit of trouble with some of his New York assets. Vacancies at retail properties like 597, 590 and 530 Fifth Avenue could mean foreclosure for his loans, Crain’s reported. [Bloomberg] — Kathryn Brenzel 

Rendering of the New Castle entryway (via Coldwell Banker)

“Castles made of sand,” Jimi Hendrix sang, “fall in the sea, eventually.”

In the case of Malibu’s Castle Kashan, it was made of stone, and it burned down in a 2007 fire, but the sentiment holds: We cannot stop the tides of change.

Case in point: Scott Gillen’s nearly complete 15,200-square foot spec mansion on the site of the former castle, at 23800 Malibu Crest Drive, which is the most expensive estate in Malibu’s history. The property, dubbed “the New Castle” relisted on the MLS Thursday for $80 million, or $5,263 a square foot.

If it gets even close to its ask, it will far exceed Malibu’s priciest on-market sale to date: Larry Ellison’s $36.9 million purchase of 22314 Pacific Coast Highway, which he bought from former Yahoo head Terry Semel in 2012.

The New Castle hit the market for presale for $60 million in 2015, and was relisted in January 2016 for $75 million. Gillen increased the price by $5 million after spending more on construction and the final details that make the home “turn-key,” such as furniture and an art collection, according to listing agent Alessandro Dazzan of Coldwell Banker Previews International.

The 11,000-square-foot main house has five bedrooms and five bathrooms on 2.5 acres of land. The 4,200-square-foot guest house has two bedrooms and 2.5 bathrooms. A 400-foot-long private driveway with double gates and a motor court lead up to the property. Its infinity pool cascades down two stories to the basement level of the home. The main house has an entryway that leads into a teak library-like wine room and a teak, humidified cigar room.

“Just the teak room alone cost $1 million,” Dazzan said. “It took six months to complete.”

On a square-foot basis, the listing price is not a record. An estate at 27724 Pacific Coast Highway once listed for $11,667 a square foot, though it did not sell at that price, according to MLS data. The record holder for an on-market sale is 33634 Pacific Coast Highway, which sold for $11,567 a square foot.

The landmark was first known as Hodge’s Castle, after Dr. Thomas Hodges, who built its turrets, parapets, fountains and arched gates. It became known as Castle Kashan under the ownership of Lilly Lawrence, a philanthropist and international socialite whose father, Reza Fallah, was once the oil minister for the Shah of Iran.

After the 2007 fire, Lawrence told the press she would consider rebuilding, and according to Dazzan, secured the entitlements. But she ultimately sold the land to an entity connected to Gillen for $9.7 million in 2015, records show.

The landmark status of the castle allowed Gillen to build a much bigger mansion than he would have been able to otherwise, since the square footage was grandfathered in.

“You would need about five acres to build 10,000 square feet today,” Dazzan said.

New York Mayor Bill De Blasio (Facebook)

From the New York website: A press conference intended to promote New York Mayor Bill de Blasio’s mansion tax devolved into a standoff with reporters who asked off-topic questions.

De Blasio abruptly ended a press conference on Thursday after reporters asked about major news of the day, including the racially-driven murder of a black man in Midtown, a court ruling against the city, and the arrest of a suspect in bomb threats to Jewish centers, Politico reported. The mayor, who only holds press availability once a week, was determined to speak solely about the mansion tax and the “missed opportunity” at 432 Park Avenue.

De Blasio has repeatedly lobbied Albany to impose a 2.5 percent tax on sales of $2 million or more to help pay for senior housing. He said 432 Park would’ve raised $30 million with such a tax in place.

The idea doesn’t seem to be picking up any steam in Albany. Still, when reporters asked off-topic questions, including ones involving breaking news, he shut down the press conference.

“This is how we set things up, guys. You don’t want to be a part of it, you don’t have to come,” the mayor said. And then, just before leaving, he said. “That’s great, guys. I’m done.”

Though the mayor didn’t realize it, someone in the supertall had placed a sign in their window that read: “De Blasio doesn’t care about the working middle class. Don’t let this speech fool you.”

A transcript of the press event from the mayor’s office labeled all of the reporters’ off-topic questions as “inaudible.”  [Politico] — Kathryn Brenzel 

Geoff Palmer, Broadway Palace (Getty Images/Broadway Palace)

Developer Geoff Palmer has taken a drastically different approach with the exterior of his new apartment complex Broadway Palace on South Broadway.

Instead of his usual Faux-Italianate style, Palmer’s brick building was designed to fit into Downtown’s historic district and even has a bright marquee like the neighboring theaters, Curbed reported. In the courtyard of the University-housing-style complex, however, his usual predilections are on display: bright yellow, palm trees, small balconies, and a fortress-like quality.

Rendering of Broadway Palace (via Colliers)

Built in two phases, the project opened its doors to tenants last month with perks such as a teak wood steam room, indoor basketball and volleyball courts, a karaoke lounge and a screening room.

A lounge in the Broadway Palace complex (via Broadway Palace website)

One-bedroom units from 625 square feet to 950 square feet cost between $2,100 a month to about $2,800 a month to rent. Two-bedroom units, between 930 square feet to 1,038, range from $2,900 to $3,100 a month.

Palmer, who recently purchased a new estate in Beverly Hills flats, is also working on the Fauxtalian Ferrante, a seven-story building with 1,500 units and 30,000 square feet of commercial space on a 10-acre lot next to the 110 Freeway. [Curbed] — Subrina Hudson

Rolling Greens founder Greg Salmari and the property at 1005 S Mateo Street

Maybe the grass is greener in the Arts District after all.

Rolling Greens, the Los Angeles nursery chain known for high-end plant arrangements, will soon call the hip neighborhood its third home.

The luxury greenhouse and home accessories retailer, founded by Greg Salmari, has inked a five-year lease for a 64,000-square-foot former scrap metal yard on Mateo Street. The lease has two five-year renewal options after it ends.

The leased property contains two unenclosed metal sheds and a plot of land, according to JLL’s Paul Park, who represented Rolling Greens in the deal. Though plans are not finalized, the nursery will most likely build sheltering structures within the metal sheds — a “box-in-box” approach,” he told The Real Deal.

The owners, private investor Julie Kwon and her partner, were represented by David Brandt of Lee & Associates. Kwon originally considered a creative office conversion for the property, which spans 1.7 acres, but opted to lease instead, Park said.

There is one remaining metal structure on Kwon’s property that she did not lease out.

Rolling Greens will pour at least $1 million into building out its new space, Park added.

The trendy plant shop has one outpost in Culver City on Jefferson Boulevard and another in Fairfax on Beverly Boulevard.

Just a half-mile north, the At Mateo retail and creative office development is in the final stages of construction. At 676 Mateo, Maxxam Enterprises is planning a 172-unit live-work complex with about 23,000 square feet of commercial space. And nearby, Carmel Partners is gearing up for an even bigger residential project: a 600-unit condo complex plus 60,000 square feet of commercial space at 520-532 South Mateo Street.

Current reader favorites:

1. Steve Witkoff makes major resi play at Fred Segal site
2. Elon Musk buys fifth Bel Air property for $24M
3. Here are the CA real estate players on Forbes’ billionaires list
4.  At $75M, LA’s biggest spec home built to be “billionaire’s paradise”
5. Investors have $1.7T to deploy, and LA is their No. 1 American target

Project site at 1500 Granville Avenue and CIM founder Shaul Kuba

CIM Group is doubling down in West L.A.

The Mid-Wilshire-based developer wants to build a 154-unit mixed-use complex on Granville Avenue and Santa Monica Boulevard, right next door to another 147-unit apartment project it started building last year, according to city filings. The two projects will replace a shuttered Buerge Ford dealership on the site.

This latest project calls for 6,000 square feet of restaurant space and 9,000 square feet of retail, Curbed reported. It will also have two levels of underground parking.

Lorcan O’Herlihy Architects, the architecture firm behind the 147-unit project, is also designing the new building.

CIM Group, founded by Shaul Kuba, also has two projects on one block in Hollywood, The Real Deal reported. It’s building a 22-story apartment building at 5929 Sunset Boulevard, across the street from a controversial 63-unit building it owns at 6007 Sunset Boulevard.

The latter project was already completed when CIM was hit with a lawsuit in 2014 alleging it illegally demolished a 1920s-era Old Spaghetti Factory that formerly occupied the site. A judge recently invalidated the company’s building permit, forcing tenants to vacate the building and CIM to seek reapproval. [Curbed] — Cathaleen Chen

Donald Trump and the Trump International Hotel in Washington, D.C (Credit: Getty Images)

From the New York website: A contracting officer at the General Services Administration wrote to the Trump Organization yesterday, informing the company that the Trump International Hotel in Washington, D.C., which sits on government land, is in “full compliance” with lease requirements stipulating that no government officials be involved with or benefit from the contract.

After Donald Trump was elected president in 2016, House Democrats claimed they had been briefed by a GSA official who told them that a President Trump would immediately be in violation of rules prohibiting the Old Post Office tenant from being a government official. The GSA then denied having taken this position and has remained silent on the issue up until now.

The hotel, which Trump spent $200 million converting from a landmarked post office building, is currently in the control of the Donald J. Trump Revocable Trust, which documents show is managed by Donald Trump, Jr. and company CFO Allen Weisselberg. The president is the sole beneficiary of this trust and the arrangement can be dissolved at his bidding. The company also reportedly restructured the operation of the hotel so that the trust would not directly benefit from hotel profits.

Kevin Terry, the GSA officer who penned Thursday’s letter to the Trump Organization, argued that because “during his term in office, the president will not receive any distributions from the trust that would have been generated from the hotel,” no violations have occurred, according to the Washington Post.

Ethics experts beg to differ and have continually pointed out the fact that the president is overseeing a contract that is financially benefitting him while in office, even if he doesn’t happen to touch that money until the day he leaves the White House.

Democratic congressmen Elijah Cummings and Peter DeFazio called GSA’s conclusions “meaningless.” They said that because the Trump Organization can keep money in the hotel, an investment that still helps Trump down the line, the essential conflict of interest has not been addressed.

“This decision allows profits to be reinvested back into the hotel so Donald Trump can reap the financial benefits when he leaves the White House,” the congressmen wrote. “This is exactly what the lease provision was supposed to prevent.”

The actual language from the lease is as follows: “No member or delegate to Congress, or elected official of the Government of the United States or the Government of the District of Columbia, shall be admitted to any share or part of this Lease or to any benefit that may arise therefrom.” [Washington Post] — Will Parker

Melanie Brown as Scary Spice and the home on Cordell Drive

Here’s a chance to spice up your life.

Melanie Brown, the scariest of the Spice Girls, just listed her home in Hollywood Hills west for close to $9 million, the Los Angeles Times reported.

Brown, who now goes by Mel B, acquired the the contemporary home with her estranged husband, producer Stephen Belafonte, for $4.3 million three years ago.

Built in 1928, the 6,000-square-foot home was renovated last year and features open-plan living areas, a bar room, a recording studio, a gym and a theater. It has four bedrooms and 5.5 bathrooms and comes fully furnished.

The grounds include a swimming pool and an outdoor dining area and all of the floors have their own balconies or terraces.

Ann Dashiell of Douglas Elliman has the listing. [LAT] — Cathaleen Chen

1340 S. Hill Street (Google Maps)

Downtown’s South Park would get an influx of housing if a proposed development at 1340 S Hill Street is approved.

The project would demolish the existing commercial buildings on the site and replace them with a 233-unit multifamily development, plans filed with the city show.

The project would include 212 market rate apartments and 21 units of very low income housing, Urbanize reported. Applicant Debra Gordon of the Chernoff Family Trust requested a density bonus for offering the affordable units.

Jade Enterprises is building a seven-story building nearby at 1340 S. Olive Street with 154 apartments and 10,000-square-feet of commercial space. [Urbanize] — Subrina Hudson