RAD doesn’t necessarily mean "excellent"
Excellent may be the dictionary definition of RAD
but in this case, all bets are off.
A below-the-radar exclusive deal between
the Metropolitan Transit Authority and Robert D’Elia who controls a series
of interlinked development companies with names like RAD/Jefferson, RAD/Venice
and RAD/Sunset is proceeding in spite of near unanimous opposition in Venice.
D’Elia is proposing an
oversized, semi-gated, high-end condominium project at the site with only a
small number of limited-term low-income units. The deal has triggered at least
two investigations of then-MTA Board member Martin Ludlow and others. One
investigation was internal to the MTA and the other was by the FBI. The FBI
investigation reportedly is ongoing and a Grand Jury has been convened.
D’Elia, himself, is a former Wall Street broker pleaded guilty to an
insider trading charge in 1984.
–Jim Smith
Posted: Wed - March 1, 2006 at 11:27 AM