Transactions - NOVEMBER 23, 2016

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Developers plan multimillion-dollar project in Los Angeles

by Andrea Waitrovich

Irvine, Calif.–based Spectrum Group Real Estate has plans for a $300 million mixed-use project in Los Angeles. The project, known as The Fig, is located on Figueroa Street at the Interstate 110 freeway, one block from the University of Southern California campus.

Construction is expected to begin in early 2018. The 4.4-acre site will feature a 21-story, 298-room hotel; 222 units of student housing; a seven-story multifamily property with 268 units; 73,083 square feet of retail and restaurants on the ground level and rooftop; and a 1,019-space, nine-story parking structure. Bergstrom Capital Advisors is the exclusive capital market adviser for the $300 million mixed-use development.

There are several development projects occurring adjacent to The Fig, including a 22,000-seat Los Angeles Football Club stadium, which is currently under development and is $250 million in project costs; the $270 million renovation plan for the Los Angeles Memorial Coliseum, c

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