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

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
The Seeley Mudd estate with Henry Huntington, General George Patton and USC president Carol Folt (Photos via Douglas Elliman, Wikipedia Commons, Getty, USC)
USC presidential palace hits market for $25M
USC presidential palace hits market for $25M
Actors Fund CEO Joseph Benincasa and a rendering of the project
Actors Fund, Thomas Safran will build $120M affordable housing project
Actors Fund, Thomas Safran will build $120M affordable housing project
Sacramento Mayor Darrell Steinberg (Getty, iStock)
Sacramento city officials propose ending single-family zoning to boost housing
Sacramento city officials propose ending single-family zoning to boost housing
California has generally been behind on housing production for years. (Photo Illustration by The Real Deal, Images via Getty)
Just 3% of California cities will meet housing goals
Just 3% of California cities will meet housing goals
Photo illustration of Gov. Gavin Newsom and the Holiday Inn in Long Beach (Getty, Google Maps)
California spent $850M on inns for homeless
California spent $850M on inns for homeless
The Georgian at 1415 Ocean Avenue and The Viceroy at 9291 Burton Way (Google Maps)
An inhospitable market? LA’s biggest hotel sales plunge in 2020
An inhospitable market? LA’s biggest hotel sales plunge in 2020
Renderings of PATH Villas Hollywood project (PATH)
LA allocates $44M for more than 120 affordable housing units
LA allocates $44M for more than 120 affordable housing units
City Councilman Paul Koretz (Wikipedia Commons, iStock)
Backlash over high cost of tiny houses
Backlash over high cost of tiny houses
arrow_forward_ios

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

Loading...