An Orange County real estate development firm is tweaking its plans for a mixed-use complex across the street from Exposition Park.
Last year, the Los Angeles City Council signed off on plans for The Fig - a roughly $445-million development from Irvine-based Ventus Group. The project, as previously envisioned, called for the construction of multiple seven-story structures featuring:
- 222 student apartments;
- 104 units of market-rate housing;
- 82 units of affordable housing;
- a 298-room hotel; and
- approximately 60,000 square feet of ground-floor retail and restaurant space.
Now, according to revised plans submitted yesterday to the City of Los Angeles, Ventus has made modest cuts to the hotel and residential components of the project. A case filing describes a development consisting of:
- a 252-room hotel;
- 252 student housing units;
- 78 apartments; and
- nearly 96,000 square feet of retail, restaurant, and office space.
The amount of affordable housing in the revised plan is not specified in its case filing.
A timeline for the project has not been announced, although Ventus Group has previously sought a financial incentive package from the City of Los Angeles to subsidize the operations of the proposed hotel.
Ventus Group also owns an adjoining shopping center at the intersection of Figueroa Street and Martin Luther King Jr. Boulevard, which it plans to renovate.
The project, which sits across the street from LAFC's Banc of California Stadium, also sits a block south 3800 S. Figueroa Street, where a mixed-use apartment complex is now under construction.
- The Fig (Urbanize LA)