Ventus Group launches JV equity partner search for $300m mixed-use development
Ventus Group has launched its search for joint venture equity partners for “The Fig,” a 4.4-acre, $300 million mixed-use development, located south of L.A. Live/Los Angeles Convention Center and walking distance to the University of Southern California campus and the 160-acre Exposition Park. Eric Bergstrom of Bergstrom Capital Advisors, Inc. was selected as the exclusive real estate capital market advisor for Ventus Group.
The seven-story project will feature approximately 408 residential units for 931 student housing, market-rate, and affordable residents, more than 74,000 square feet of commercial space including creative office space, and numerous destination retail and outdoor dining establishments, and a 298-room dual branded hotel.
“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,” said John David Booty, executive vice president of Ventus Group.
Located near the USC campus and the new $700 million USC Village project, The Fig will be the second largest mixed-use development in the area, anchoring the southern gateway to the USC campus and bringing the community and the university together, according to Booty.
Other major developments/redevelopments underway in the USC/Exposition Park submarket include:
- The $1 billion, 300,000 square-foot Lucas Museum of Narrative Art by George Lucas
- The $270 million renovation of the Los Angeles Coliseum
- The $250 million development of the LAFC/Banc of California Stadium with up to 40,000 seat capacity
- The modernization and expansion of the Natural History Museum
- The Figueroa Corridor Streetscape project, which will improve transit and pedestrian access throughout the area
- Various additional developments and capital improvements to prepare Exposition Park for the 2028 Olympics
