Still No Development for Pico House

DOWNTOWN LOS ANGELES - Chalk up another failure in the effort to reactive the 1863 Pico House. Proposals from the two operators hoping to develop the property were rejected by the city, said Chris Espinosa, the general manager of El Pueblo de Los Angeles Historical Monument.

Espinosa said neither bid met the criteria set forth by the city to develop the structure, which was built by and named for former governor Pio Pico. He said one developer asked for a 50-year lease to make the project profitable; the city was prepared to offer a 20-year agreement. Now, said Espinosa, the city will likely bring in a consultant to determine what improvements need to be considered in order to make the property more cost-effective for future developers. An attempt to find a developer in 2010 ended when no one responded to a city bidding process. The building will continue to be used as a meeting and event space and for filming.

©Los Angeles Downtown News.