Just a few months after the USC Village opened its doors to the public, another massive mixed-use project has started making headway.
Ventus Group is seeking $90 million of equity for its planned 4.4-acre project at Figureoa Street near the University of Southern California, Real Estate Alert reported. Overall, the mixed-use development is expected to cost a hefty $300 million.
Dubbed the Fig, the complex would include a seven-story building with 408 residential units, comprised of 222 student housing, 104 market-rate and 82 affordable units. Another 74,000 square feet would be dedicated to office space, restaurants, retail and a 298-key hotel.
(Credit: Ventus Group Site)
The firm, led by Scott Gale and former USC quarterback John David Booty, has already raised roughly $32 million from private investors. Bergstrom Capital Advisors will lead the rest of the financing, expected to reach $120 million of equity and $180 million of debt.
Ventus also owns residential projects in the Coachella Valley, Wildomar and Beaverton, according to its website. If plans are approved, it will join the $700 million USC Village campus – a 1.2 million-square-foot complex offering student housing, a fitness center and Trader Joe’s. [REA] – Natalie Hoberman