[ Los Angeles, California USA ]
The Los Angeles City Council has approved The Reef, a USD $1.2 billion mixed-use redevelopment project located in south Los Angeles.
According to the project website, approximately 1.66 million SF of new floor area would be added to the 10-acre site within a 35-story residential tower, a 32-story residential tower, a 19-story hotel, and multiple low- and mid-rise residential buildings. In all, the project’s total square footage would be approximately 2.53 SF.
The project site is the former L.A. Mart, placed in operation in 1958, home of the LA Home Furniture Manufacturing Association.
The Reef is a project of Kanon Ventures, led by Avedis and Ara Tavitian. As described by one of its employees’ LinkedIn description, Kanon Ventures is a boutique private equity firm that seeks entrepreneurial opportunities in healthcare and real estate.