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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.

Rendering of The Fig. Image via Ventus Group.
Rendering of The Fig. Image via Ventus Group.
Rendering of The Fig. Image via Ventus Group.

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Checking in on the Slow-Moving 1133 Hope Condo Tower

The 28-story tower broke ground in March 2017.
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Slowly but surely, the concrete frame of 1133 Hope Street rises in South Park. The 28-story tower, located just east of Metro's Pico Station, will feature 200 residential units above 5,000 square feet of ground-floor retail uses and a parking podium upon completion.  Plans for the mixed-use project dated back to 2005, when the Canadian development firm Amacon initially submitted plans for a 35-story building on the site.