From day one, it has been incredibly important for us to listen to our neighbors and stakeholders as well as the broader Los Angeles community about our plans. Over the last several years, NBCUniversal has reached out and talked with thousands of residents and business leaders to understand their priorities and concerns.
In the last year, we have heard from Supervisor Yaroslavsky and Councilman LaBonge and several community members about their concerns regarding adding residential to our property in the future.
After taking a hard look at the project, the current real estate market, our business needs as well as the new owner's priorities, we believe it's best to ask the City and County to focus on the Evolution Plan No Residential Alternative in the Final EIR for the upcoming hearing process and for our 20-year plan to eliminate the residential and retain our backlot for production.
This is the right time in the process to make this decision and it will enable us to concentrate and invest in our core businesses, television and film production, Universal Studios Hollywood Theme Park and CityWalk. Planning for our future in a way that is responsive to the community has always been a priority of the Evolution Plan and today marks the next step in making this important project a reality.