China’s largest bank finances long-stalled condo tower project near Staples Center

First proposed in 2006, the project includes 200 condos, and comes amid a swarm of development in the area

May.May 23, 2019 05:00 PM
Chen Siqing, head of Industrial and Commercial Bank of China
Chen Siqing, head of Industrial and Commercial Bank of China

Chinese developer Full Star Properties scored a construction loan for its condominium tower project in Downtown Los Angeles, a development that first received approvals a decade ago.

The U.S. branch of China’s — and the world’s — largest bank by assets, Industrial and Commercial Bank of China, provided the $80 million loan for the mixed-use tower one block from the Staples Center, property records show.

The 28-story development, which will bring 200 condos, was proposed almost 13 years, when real estate firm Amacon owned it. The project received approvals in 2008; they have since been renewed. Records show Full Star Properties purchased the entitled property from Amacon for $25.5 million in 2013. Crews broke ground in 2017.

The 330-foot development will have 221,300 square feet of space, including 5,000 square feet for retail. It was designed by Chris Dikeakos Architects, which is based in Vancouver.

The tower is just one example of the swarm of investment and development in the area.

The Pierce Brothers Mortuary is set to be converted into a 122-unit affordable housing development near the Los Angeles Convention Center, and developer Mitsui Fudosan America has proposed a 45-story tower with 547 units at 754 South Hope Street.

Last month, Lightstone Group scored a $355-million construction loan for the Fig + Pico hotel project next door.

Anschutz Entertainment Group, owner of LA Live and Staples Center, filed plans last November to build a 40-story hotel tower with 850 rooms. The firm is also working on the $1.2-billion overhaul of convention center, which includes a 350,000-square-foot addition.

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