In March 2017, the City of Los Angeles purchased the land, known as the G2 Parcel, for $60 million with the aim to develop a combination of park space, walking trails, wetlands, wildlife habitat, river access, public recreation, and other amenities. 

The undertaking, known as the Taylor Yard G2 River Park Project, is a portion of the greaterLos Angeles River Revitalization Master Plan, and sets out to unite the surrounding Rio de Los Angeles State Park and the state-owned G1 Parcel, which together would form 100 acres of open space along the LA River. 

While a major milestone in the project was reached last month with the completion of the SPF:architects-designed Taylor Yard Pedestrian Bridge, the cost of the G2 revitalization has soared since the start. 

As reported by The Eastsider, between 2016 and 2019 the cost jumped from $252 million to $798.2 million, which then ballooned to $1.06 billion today. Aside from the construction of the park’s proposed infrastructure, the cleaning and removal of contaminated soil, alone, is projected to cost approximately $231 million. In addition, there are estimated operating costs of at least $6 million a year.