Real Estate/Development,
Government
Aug. 23, 2024
Luxury property developer wants money back after homeless housing proposed nearby
When Onni Capital contracted for the former LA Times property, it thought a park was being built nearby. When plans changed, they wanted out.
A Canadian real estate developer is suing the seller of a downtown Los Angeles building once used by the Los Angeles Times to recover its $30 million deposit after a $95 million deal to acquire the property fell through. The plaintiff, Onni Capital, claims that material changes, such as the city's decision to build homeless housing on a nearby parcel, prompted it to walk away from the deal with Nexstar Media Group.
The property at 222 W. 2nd Street formed part of the newspaper...
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