Hong Kong-based LT Commercial Real Estate Ltd. has quietly sold a nearly 14-acre parcel next to Angel Stadium, where an LA Live-type, mixed-used development was planned, the Business Journal has learned.
The developer sold a pair of parcels for about $32 million, or nearly $2.3 million an acre, property records indicate.
Entities affiliated with Irvine’s Camphor Partners bought the site, records show.
Officials with Camphor, which previously operated under the Great Far East name, said they are working on behalf of another group to develop the site, whose ultimate plans are in-process.
LT Commercial bought the site five years ago for $28.4 million and had envisioned an ambitious mixed-use project at the site, located at the northeast corner of State College Boulevard and Orangewood Avenue.
Dubbed LT Platinum Center, it was expected to run about 1.7 million square feet, and was to include a condo and hotel tower, along with retail. It hasn’t broken ground.
For more details, see the October 7 print edition of the Business Journal.
