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Ventus Group, led by former University of Southern California and NFL quarterback John David Booty, is looking for joint venture equity partners to develop a massive mixed-use development in downtown Los Angeles.
“The Fig will serve as a multigenerational staple in the overall fabric of the USC/Exposition Park submarket of LA by creating more housing and providing neighborhood-serving hospitality, office and retail destinations,” Booty said in a news release. Booty is Ventus Group's executive vice president.
At the 3900 block of Figueroa Boulevard, The Fig would be a $300M project on 4.4 acres featuring a seven-story building with 408 residential units for students, 74K SF of retail and office space and a 298-room hotel.
The development comes as the Exposition Park area of downtown Los Angeles near the University of Southern California campus is in the midst of a revitalization, with several major projects in the area either having completed or in the pipeline.
The university has just opened its $700M USC Village. Projects underway include the $1B 300K SF Lucas Museum of Narrative Art, the $270M renovation of the Los Angeles Coliseum and the $250M Banc of California soccer stadium.
“The Fig will complement USC Village and numerous other major developments, integrating into the local community to further complement the region as a world-class university and tourist destination,” Booty said.
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Ventus Group President Scott Gale wrote in an email that the company is open to either a single joint venture partner for the project or separate equity partners for each specialized component.
Gale said Ventus is seeking to raise an additional $90M for the development. Of the $300M cost of the project, $180M would be financed by debt and $120M financed by equity. The company has already raised $32M in equity and debt from high net worth individuals and family offices, he said.
“We will consider investment partners with development expertise in one or all asset classes — student housing, hotel, multifamily, retail — who can add value to the construction efforts, as well as a family office or institutional partners looking for a long-term hold,” Gale said.
Newport Beach-based Ventus began assembling land in the area in 2014. It now owns or controls almost two city blocks, Gale said.
Ventus expects to have city approvals by late 2018 or early 2019, Gale said.
Bergstrom Capital Advisors President Eric Bergstrom will serve as the real estate capital market adviser for Ventus Group.
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