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Article: Lennar entering downtown craze.(Lennar Corp. partering with LNR Property Corp.)
- Article from:
- Los Angeles Business Journal
- Article date:
- July 18, 2005
- Author:
CopyrightCOPYRIGHT 2005 CBJ, L.P. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Residential developers continue to flock downtown L.A. The latest publicly held homebuilder going urban is Lennar Corp. Last week, Lennar established a partnership with LNR Property Corp. to purchase the last developable parcel next to Staples Center for about $80 million from Anschutz Entertainment Group, according to sources close to the deal. The 4-acre parcel is bounded by Figueroa, Flower, 11th and 12th streets.
Lennar, which teamed with LNR in 2003 to buy Newhall Land and Farming Co. for $990 million, would build three condominium towers in conjunction with a 250,O00-square-foot retail center planned for the site.
Michael Roth, an AEG spokesman, ...