City Century Acquires $121M LA Live Adjacent Development Site

City Century, the U.S. development subsidiary of Shanghai’s Shenglong Investment Group, has acquired a development site adjacent to L.A. Live in downtown Los Angeles’ South Park neighborhood where it intends to build a $1-billion housing and retail complex called Olympia.

According to the Los Angeles Times, City Century recently closed the long-pending $121-million acquisition of a site on Olympic Boulevard alongside the 110 Freeway, where it announced in 2016 that it intended to build three high-rises on the site of a former medical clinic lying between L.A. Live and the Metropolis residential and hotel complex.

The LAT reports Chinese U.S. investment has fallen from a six-month average of more than $20 billion in 2016 and the first half of 2017 to less than $5 billion on average in the past two years.

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