Construction began this week on the Los Angeles Convention Center’s expansion and renovation. The $2.6B public infrastructure project will add 190K SF of exhibit space connecting the existing South Hall and the West Hall above Pico Boulevard and a new 98K SF rooftop ballroom.
Courtesy of the Los Angeles Tourism Department
A rendering of the interior of the revamped Los Angeles Convention Center, designed by Populous.
The project, designed by Populous, is expected to create more than 15,000 jobs, add $652M in general fund tax revenue over 30 years, and draw in more than $150M in additional visitor spending each year, according to a release from the city.
Critics have questioned the assumptions that those economic impact projections are based on, saying that the anticipated windfall is unlikely to come from the project. The city has just finished paying off the last expansion, which was completed in 1993.
PEOPLE
Fidelity Bancorp Funding has hired William Hughes as executive managing director. Hughes brings decades of experience structuring complex financings, driving growth and building lasting client relationships. Hughes previously led Marcus & Millichap’s capital markets team.
SALES
MDH Partners acquired Ontario Commerce Park II in Ontario for an undisclosed price. The four-building, 133K SF industrial park is 100% leased to nine tenants.
James Hwang at MDH Partners served as acquisition lead, and Michael Hefner from Voit Real Estate Services represented the seller.
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Rancho De Los Cazadores acquired two retail buildings in Santa Ana and Orange and an industrial building in La Mirada.
The assets span 36,400 SF at 16211-16217 Heron Ave. in La Mirada, 1268 S. Grand Ave. in Santa Ana, and 1821 N. Tustin St. in Orange.
Colliers’ Chuck Wilson represented Rancho De Los Cazadores, which acquired the portfolio as part of a 1031 exchange.
LEASES
Fashionphile, which bills itself as “the country’s largest ultra-luxury re-commerce brand,” is increasing its footprint at Downtown’s Row DTLA. The company is more than quadrupling its space from 7K SF to just over 32K SF and opening a new concept flagship store, the company announced.
CONSTRUCTION AND DEVELOPMENT
CedarSt Cos. broke ground on The Lawson, an $89M ground-up apartment property at 2935–2961 A St. in San Diego’s South Park. The eight-story, 216K SF project is expected to be complete in November 2027. The Lawson is among six active or planned projects in CedarSt’s San Diego-area pipeline.
The Lawson was developed in partnership with Bridge Investment Group and designed by AC Martin, with Rockwood Construction serving as general contractor. The project will add 180 new housing units ranging from studios to two-bedrooms, with a roughly 50-50 mix of market-rate and affordable units.
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C.W. Driver Cos. completed the $102M first phase of construction for Malibu High School’s new campus. The 70K SF interdisciplinary core building will serve up to 600 students. Developing the new two-story building required the demolition and modernization of the former Juan Cabrillo Elementary.
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McCarthy Building Cos. has completed the $285M, 424K SF North District Phase 2 student housing development at the University of California, Riverside, designed by Solomon Cordwell Buenz. In 21 months, the project delivered 1,568 beds across 429 apartment-style units. The housing will serve both UCR students and students of the Riverside Community College District, making it the first public intersegmental college housing project in the nation.
FINANCING
JLL Capital Markets arranged $102.4M in construction financing for the first phase of Otay Business Park, a Class-A industrial development in the Otay Mesa submarket of San Diego. This phase will deliver approximately 612K SF across four freestanding warehouse and distribution buildings ranging from roughly 80K SF to 234K SF.
JLL worked on behalf of a joint venture between Elevation Land Co. and a real estate fund advised by Crow Holdings Capital to secure a three-year, floating-rate loan through New York Life Real Estate Investors. Construction for Phase 1 began in September and is expected to wrap up in 2026.
THIS AND THAT
Cain International’s One Beverly Hills announced its first retail and dining partners: Dolce & Gabbana, Italian eatery Casa Tua Cucina and Mexican-Japanese restaurant Los Mochis.