Mixed-Use
Retail
Office
Multifamily
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Live-work
Industrial
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Transforming Urban Landscapes:
A Case Study of a Complex Real Estate Deal
Background
LOCATION:
Los Angeles
SIZE:
577,700 square feet
PROJECT TYPE:
Mixed-Use
Exposition Point is a deal that exemplifies the intricacies and challenges involved in assemblage for a high-profile site and several thorny development issues including– mixed-use development approvals, tenant relocations, historic preservation, and a design pivot in the wake of the COVID-19 pandemic.
Ventus Group’s nimbleness, perseverance and negotiated solutions drove the ultimate success of the project.
Actions
Assemblage: The target area consisted of several underutilized event parking lots and 32 multifamily units in eight aging historic buildings. Ventus Group negotiated with five separate owners to create a sizeable, contiguous site.
Development Approvals: Community opposition and the complex process of an Environmental Impact Report made it challenging to obtain the necessary approvals. Through collaboration with local authorities, community stakeholders, and urban planners as well as extensive public hearings, modifications were made and settlement agreements were reached with two primary community groups.
Tenant Relocations: The development team worked closely with a relocation specialist to identify suitable alternative locations for existing rent-controlled tenants, provide financial assistance, ensure a smooth transition and mitigate potential legal challenges.
Historic Preservation: The team worked closely with preservation organizations, architects, and historians to evaluate and ultimately integrate certain historic buildings seamlessly into the project’s design.
Design Pivot: The pandemic struck as final approvals were pending and significantly impacted development capital — especially for planned hospitality and retail land uses. The development team quickly adapted the project to the changing market conditions to replace the planned hotel with additional residential units.
Results
This case study ends with a sale of the site to a national student housing developer at an extraordinary price, facilitating long-awaited investor returns. This case study highlights the complexities and challenges of complicated development endeavors; but proves that perseverance is the driving force through it all.