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

Los Angeles /
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.


Related Articles

arrow_forward_ios
Downtown Burbank's Transit Oriented Development Specific Plan (Photo via Downtown Burbank TOD/City of Burbank)
Burbank’s downtown specific plan could add thousands of units of housing around its Metrolink station
Burbank’s downtown specific plan could add thousands of units of housing around its Metrolink station
A rendering of the project with East End Capital managing principals Jonathon Yormak and David Peretz. (Relativity Architects, East End Capital)
East End Capital to convert cold storage into movie studio
East End Capital to convert cold storage into movie studio
(Proper Hotel, Google Maps)
Downtown LA’s Proper Hotel to open in July after years of delays
Downtown LA’s Proper Hotel to open in July after years of delays
J.H. Snyder partner Lon Snyder with One Museum Square. (J. H. Snyder, One Museum Square)
JH Snyder lands $172M loan on new luxury rental tower
JH Snyder lands $172M loan on new luxury rental tower
Councilman John Lee and 10243 N. Topanga Canyon Boulevard (Facebook/CouncilmemberJohnLee, Google Maps)
Housing project for homeless vets gets pushback
Housing project for homeless vets gets pushback
Continuum Partners CEO Mark Falcone and the development site (Continuum, iStock, Google Maps)
Continuum Partners plans $2B megaproject to transform Arts District
Continuum Partners plans $2B megaproject to transform Arts District
Los Angeles Planning Commission approves Hollywood zoning changes. (iStock)
Planning Commission OK’s changes to Hollywood zoning, land use
Planning Commission OK’s changes to Hollywood zoning, land use
The rail project had its genesis in the late 1990s but has faced numerous delays. (iStock, Getty)
Land purchases could delay high-speed rail 2 years: contractor
Land purchases could delay high-speed rail 2 years: contractor
arrow_forward_ios

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

Loading...