City officials pave the way for a 167-key Marriott to rise near USC

Orion Capital is slated to buy the site and develop the hotel

TRD LOS ANGELES /
Apr.April 17, 2019 04:00 PM
Marriott CEO Arne Sorenson and the University of South California (Credit: iStock) 

A hotel may soon stand where affordable housing was once planned.

On Tuesday, the Los Angeles City Council voted to advance a project that would bring a 167-room Courtyard Marriott hotel to a lot on the western border of the University of Southern California’s campus, Urbanize reported. Orion Capital, a local investment firm, would build the project.

In 2011, the city acquired the 33,000-square-foot site at 3685 South Vermont Avenue, formerly occupied by the Bethune Library, from the CRA/LA, a local agency with some authority over development.

City officials then began soliciting bids from developers who could build affordable housing on the site, which is in a rapidly gentrifying area. They struck a deal with an entity called NCNVision LLC, a joint venture between National CORE and Nvision Development Group, last May.

But the exclusive negotiation agreement expired before NCNVision’s plans to build 114 units could become a reality, and the property has remained empty since Bethune Library relocated more than a decade ago.

City Council’s vote to advance Orion’s proposal comes on the heels of a new report from the Economic & Workforce Development Department, which recommended the city sell the vacant plot to the firm. [Urbanize]Natalie Hoberman


Related Articles

arrow_forward_ios
Weingart towers

LA approves $200M in bonds for affordable housing projects

LA approves $200M in bonds for affordable housing projects
The development site for the planned 207-unit complex (Credit: Google Maps)

Mapleton Properties plans 207-unit complex in Palms

Mapleton Properties plans 207-unit complex in Palms
City Controller Ron Galperin( Credit: Ron Galperin/Wikipedia)

LA controller finds just 228 homeless housing units built with $1.2B bond

LA controller finds just 228 homeless housing units built with $1.2B bond
Justin Myers, Vice President of Atlas Hospitality

Study: California hotel construction outlook is bleak

Study: California hotel construction outlook is bleak
Core Spaces doubles down on USC student housing

Core Spaces doubles down on USC student housing

Core Spaces doubles down on USC student housing
Scott Gale and a rendering of the project

Ventus Group can break ground on its $455M Exposition Point project outside USC

Ventus Group can break ground on its $455M Exposition Point project outside USC
AEG CEO Dan Beckerman (Credit: Shaun Clark/Getty Images)

AEG plans 160-key hotel next to its DTLA headquarters

AEG plans 160-key hotel next to its DTLA headquarters
Pacific Hospitality Group CEO Tim Busch and a Zen Room at Huntington Beach’s Pasea Hotel and Spa

Desperate for revenue, LA hotels pitch “zen offices” to work-from-homers

Desperate for revenue, LA hotels pitch “zen offices” to work-from-homers
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...