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

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
Continuum CEO Mark Falcone and a rendering of the project (EYRC Architects via Urbanize)

Continuum Partners, Platinum Equities plan Arts District office tower

Continuum Partners, Platinum Equities plan Arts District office tower
Rendering of 577-unit District Square project in South L.A. (Los Angeles Department of City Planning, iStock)

Judge orders LA to reconsider Charles Co.’s District Square project

Judge orders LA to reconsider Charles Co.’s District Square project
Forme Development President Damon Chan and rendering of 550 Shatto Place (Forme, Gensler via Urbanize)

Going up: Koreatown tower project developers boost plans

Going up: Koreatown tower project developers boost plans
Herb Wesson (top) and Curren Price with a rendering of 3800 W 6th Street (Linkedin, Twitter, Large Arch)

LA officials backtrack on aid for Koreatown hotel project

LA officials backtrack on aid for Koreatown hotel project
Richard Llewellyn and Ron Galperin (City of LA, Wikimedia)

LA’s ballooning budget shortfall could require property selloff

LA’s ballooning budget shortfall could require property selloff
Fareed Kanani and Sean Hashem, with a rendering of the project (Credit: HED via Urbanize, and Greenbridge)

Greenbridge Investment plans 169-unit tower in Koreatown

Greenbridge Investment plans 169-unit tower in Koreatown
California Gov. Gavin Newsom (Credit: Justin Sullivan/Getty Images)

Newsom signs into law slate of tenant protection and housing measures

Newsom signs into law slate of tenant protection and housing measures
Michael Rosenfeld,,Simon Reuben and David Reuben, with a rendering of Century Plaza (Credit: Presley Ann/Getty Images, and Dave Benett/Getty Images)

Michael Rosenfeld’s Woodridge Capital lands $275M loan for Century Plaza

Michael Rosenfeld’s Woodridge Capital lands $275M loan for Century Plaza
arrow_forward_ios

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

Loading...