Ventus Group to Develop $300M Mixed-Use Project
- Jan 11, 2018
Ventus Group—a developer of innovative core real estate destinations—has started its search for joint venture equity partners, to develop The Fig, a $300 million mixed-use development in Los Angeles. The company has selected Eric Bergstrom of Bergstrom Capital Advisors Inc. as the exclusive real estate capital market advisor.
Located at 3900 Figueroa Ave. on approximately 4.4 acres, near the USC campus and the new $700 million USC Village project, The Fig will mark the second largest mixed-use development in the area. The project will be situated south of Los Angeles Convention Center, within minutes to the University of Southern California campus and adjacent to the 160-acre Exposition Park. Additionally, The Fig is walking distance to the Metro Expo Line and Blue Line, as well as several bus lines.
Breaking Down The Fig
The seven-story development will consist of approximately 408 units, of which 104 will be market-rate, 82 affordable and 222 set aside for student housing. The project will also include more than 74,000 square feet of commercial space—including retail, office and outdoor dining spaces—and a 298-key branded hotel. Additionally, other amenities include a large outdoor plaza, an activity lawn, fitness center and rooftop swimming pool.
The seven-story hotel will include amenities such as ample retail, restaurant and bar uses, a fitness center, a swimming pool terrace with a dining area and a bar, as well as meeting space. The student housing project will feature a seven-story building with ground-level retail space, two restaurants and outdoor dining. Additional amenities include a state-of-the-art fitness center, lounge, swimming pool, basketball court and sun terrace.
“The Fig will serve as a multi-generational staple in the overall fabric of the USC/Exposition Park submarket of Los Angeles by creating more housing and providing neighborhood-serving hospitality, office and retail destinations,” John David Booty, executive vice president of Ventus Group, said in a statement. “We have raised a total of $32 million in capitalization to date to assemble, entitle and design a one-of-a-kind destination, which will deliver long-term value to investors. We are now launching a search for joint venture equity partners to build-out the project.”
Rendering courtesy of Ventus Group