Here's the official government VA site with all the backup material, press releases, and reports.
Related to all this was a budget bill, sponsored by Senator Feinstein, prohibiting commercial development at the VA Campus. An attempt to remove that prohibition was shot down on September 5. (news story here )
There's plenty of non-objectionable use of the site. A group called the Veterans Park Conservancy just signed an agreement with the VA to develop a 16 acre memorial park on the land, rent-free. And in July, Governor Schwartzenegger spoke at the groundbreaking for a 400-bed veterans' home to be completed by 2010.
The VA Campus was started in 1887, when the men who founded Santa Monica--Senator John P. Jones and Colonel Robert S. Baker--donated 300 acres and $50,000 to build a National Home for Disabled Volunteer Soldiers. The original building was designed by Stanford White--an architect later murdered in one of the most scandalous crimes of the early 20th century (PBS has a good website about that.) More about the history of the VA Campus is here.