An Economic Engine
Beyond improving the lives of residents, the Wyvernwood redevelopment project will deliver a tremendous economic boost to Boyle Heights and create thousands of jobs. The project promises to be the largest private investment the neighborhood has seen in decades.
The $2 billion, 10-year construction process is projected to have a total economic impact in Los Angeles County of nearly $3.6 billion. The work will lead to the creation of 10,000 construction-related jobs and hundreds of millions of dollars in compensation. Thanks to the new Boyle Heights Jobs Collaborative, thousands of those jobs will go to Boyle Heights residents, especially to those who are at risk.
Once completed, the development will sustain nearly 2,800 permanent jobs, paying more than $150 million a year in compensation. Revenues to the City of Los Angeles are expected to reach $25 million a year – new funds which will support social services, police and fire protection, and other critical public services.