The city council vote gave approval for USC to redevelop large parcels of university-owned land for at least the next 20 years, according to USC. The university is now allowed to build on land north and east of campus.
USC's biggest project is the redevelopment of University Village into the Village at USC, the retail and student housing development. University Village is situated across Jefferson Boulevard from the campus. The Village at USC aims to create a public square for the university and surrounding community.
Restaurants, shops and a full grocery store are projected for the space, including space for up to 3,000 new student housing beds, according to USC. The new residences are expected to relieve surrounding rental pressure. Nine-hundred student housing units will be freed up.
The development is expected to bring $1.1 billion in economic impact and 12,000 jobs, 8,000 of which will be permanent. At least 30 percent of the jobs will be filled locally, USC said, with at least 10 percent going to members of disadvantaged groups.
The development does not rely on public funds, land or subsidies, USC said.
Some community members opposed the development, saying it will make the area unaffordable for current residents.