Ventus gets approval for $450 million project in Los Angeles

A new project is set to begin construction near the University of Southern California (USC) in Los Angeles.

Ventus Group has received the city’s permission to build a nearly $450 million mixed-use project on a 4.4-acre site at 3900 S. Figueroa St., the Los Angeles Business Journal reports.

Known as Exposition Point, the project will include a hotel, student housing and commercial ventures. It will add 252 hotel rooms; 252 housing units for students; 78 apartments; 95,000 sq. ft. of commercial space for retail, restaurants and offices; and 745 parking spaces.

Construction is expected to begin at the end of 2021 with a projected completion date in 2024.