City Century paid $121 million for the site across the street from L.A. Live with plans to build a $1-billion housing and retail complex called Olympia.
Chinese developer City Century has acquired a prime development site across the street from L.A. Live in downtown Los Angeles where it intends to build a $1-billion housing and retail complex called Olympia.
The acquisition comes at a time when other big Chinese developers have pulled back from overseas investments. “It appears they wanted to self-fund the entire project,” an attorney representing two of the Oceanwide subcontractors told Bloomberg in October. “Now with the changes in Chinese government policy, the owner is trying to find a traditional construction loan while in the middle of construction.”
City Century’s Olympia complex could cost as much as $1 billion and house as many as 1,367 apartments or condominiums over shops and restaurants along Olympic Boulevard.
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