A mixed-use development at 3200 N. Figueroa Street in Los Angeles’ Cypress Park neighborhood has been scaled back, with the 160-unit residential component placed on indefinite hold. Developer Gaw Capital USA pointed to the spread between new construction costs and current multifamily valuations as the deciding factor. The self-storage portion of the project is proceeding and is expected to wrap up by the end of next year. The case underscores a broader dynamic in which self-storage development continues while residential projects face mounting financial barriers.
Source: TheEastsiderLA.com
