Private equity group Platinum Equity, run by Detroit Pistons owner and billionaire Tom Gores, has purchased a project site in the Arts District from Continuum Partners for $28.9 million.
Continuum had been planning to build a 107,000-square-foot office and retail complex at the site called Produce LA. Earlier this year, the Denver-based developer filed to demolition permit to clear a 71,500-square-foot lot at the site at 640 South Santa Fe Avenue, which currently has a cold storage facility.
Neither Continuum Partners nor Platinum Equity returned calls to comment or confirm the size of the lot sold or if Platinum plans to forward with the Produce LA project. The five-story, mixed-use commercial development was designed by Denver-based ArcS.
The site is near the L.A. River in a mostly industrial area. Across the street, Los Feliz-based developer Koar is building a creative office.