BEIJING and LOS ANGELES-Chinese property developer Oceanwide Real Estate Group said last week that it plans to develop the entitled Fig Central project across from Staples Center in downtown Los Angeles.
Media reports indicated that sale has already taken place, and it would be the company's first U.S. project.
The 4.6-acre site at the southeast corner of 11th and Figueroa streets is entitled for a high-end, complex called Fig Central. It would include a mix of of hotels, residential towers and parking.
In a statement to the Shenzhen Stock Exchange, the company said the project is “a very important step for our company to go abroad.”
According to a report in the Los Angeles Times, Oceanwide purchased the property from the New York-based Moinian Group, which bought the parcel, currently a parking lot, from Staples Center owner Anschutz Entertainment Group about seven years ago.
Click LA Times to read the full story.
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
