Tuesday, June 5, 2018

LA County Building first New Freeway in 25 Years in Antelope Valley

The Los Angeles Times has reported that buying land and digging begins June 2018. That is correct Cal Trans and Joint Powers Authority has commenced the project for the freeway between Lancaster and Palmdale to San Bernardino. If you own land along P-8 you may be getting a call shortly. The $8 Billion dollar project will connect Hwy 14 to Interstate 15 along a 63 mile route. The environmental impact report has already been approved. This paves the way for land purchases along the route. They have $274 million set aside for land purchases via a sales tax increase from Measure M. Many are complaining about the environmental ecosystems of the burrowing owl, desert tortoise and kangaroo squirrel, but I failed to mention the Joshua tree and many other sensitive life. Many have squirreled away old land purchases in the hopes for development. Well the next few months you may get your opportunity. Much of the land along the route is barren unused land with little to no development in site especially along the eastern part of the valley. This land sells today for $1k/acre to a high of $2k/acre. Sellers may get more due to the need, but eminent domain may push the lower price based on recent sales. There is other land within the city limits of Palmdale and Lancaster that will fetch a much higher price, as the route moves mostly along P-8 and it will feed to the future High Speed Rail. If you have looked to sell or looked to buy then today maybe one of the best opportunities on the east side.