Councilwoman Jan Perry at the groundbreaking ceremony. / Shunqi Lin

A groundbreaking for the new Wall Street Park was held this morning, in progress toward Los Angeles' 50 Parks Initiative. Councilwoman Jan Perry, Commission President of L.A. Department of Recreation and Parks Barry A. Sanders and General Manager of the Department Jon Kirk Mukri attended the event, along with more than 100 fifth-grade students from the local neighborhood's South Park Elementary School.

The new park, near Manchester Avenue and the 110 freeway, is to be constructed within the next six months. It is designed to provide the residents with more green land and wild life. “Everybody deserves this in the community, I want you all to have a good life,” said Councilwoman Jan Perry.

The land was donated by JP Morgan Chase to the Department of Recreation and Parks. The park serves as a public-private partnership that will add 53 parks to the City of Los Angeles, with over 170 acres of new open space. Originally proposed by Mayor Villaraigosa, the Initiative takes underutilized properties and turns them into neighborhood parks, most of which will be built in densely populated neighborhoods and communities that lack sufficient open space and recreational services.

To lower the maintenance costs, all parks in the Initiative will have sustainable design practices. Within the next 12 months, 16 new parks will be completed and opened to the public.

Reach Staff Reporter Shunqi Lin here. Follow her on Twitter here.