In an official ribbon-cutting ceremony last week, LAFC opened its $300-million Banc of California Stadium to the world. Now, a proposed mixed-use development across the street is also seeking a path forward.
Ventus Group, an Irvine-based developer, filed plans in 2016 to construct a mixed-use complex at a 4.4-acre site at 3900 S. Figueroa Streets. The project, dubbed "The Fig," would consist of a trio of mid-rise structures designed by WATG. A full buildout of the project would feature 186 mixed-income apartments, 222 units of student housing, a 298-room hotel, and street-level commercial space.
According to a motion introduced yesterday by 9th District Councilmember Curren Price, Ventus Group has indicated that a financing gap may exist for the project, and is pursuing city assistance to facilitate the development of the proposed hotel.
Ventus has agreed to provide $150,000 to pay for a consultant to analyze the economics and financing of the project. Similar arrangements have been made by Greenland USA for the Hotel Indigo in the Financial District and Lightstone Group's proposed Fig + Pico development in South Park.
Price's motion has been referred to the City Council's Economic Development Committee for review.
- The Fig Archive (Urbanize LA)