It’s not just Orange County that’s seeing action on the sports-anchored mixed-use development front.
Los Angeles is set to get one of its own through Exposition Point, a long-planned addition to Exposition Park near the University of Southern California.
The Exposition Point development project, formerly known as The Fig, is moving forward after clearing the city approval process last month.
Irvine-based Ventus Group is behind the nearly $450 million mixed-use project, which will add a hotel, student housing and commercial ventures on a 4.4-acre site at 3900 S. Figueroa St. near the soon-to-be-renamed Banc of California Stadium and the Los Angeles Memorial Coliseum.
Construction on the project is expected to begin at the end of 2021 with a projected 2024 opening.
The project will add 252 hotel rooms, 252 housing units for students, 78 apartments, 95,000 square feet of commercial space for retail, restaurants and offices, and 745 parking spaces.
Nearly 85% of the apartment units will be designated affordable housing.
“Exposition Point will be built just steps from world-class museums, sports arenas and an exceptional university,” said Scott Gale, president of Ventus Group, which is developing the project. “We are proud to bring economic activity and affordable housing to an under-developed area that is also close to downtown, the Convention Center and public transportation.”
Prior to founding Ventus, Gale served as vice president of land acquisition for Shea Homes.
Ventus project leaders, which also includes USC grad and former NFL quarterback John David Booty, say Exposition Point will also “help support the city’s tourism industry and meet demand for the 2028 Olympic and Paralympic Games.”
Ventus Group began plans for Exposition Point in 2014, and has since acquired more than eight adjoining acres for the site, most recently acquiring a 30,000-square-foot shopping center there last year for $17.9 million.
The company first filed plans for the project in 2016.
