Leve Leviev's Africa-Israel Investments Ltd. (TASE:AFIL; Pink Sheets:AFIVY) is putting Park Fifth up for sale. The Los Angeles Business Journal reports that the Israel investment company want to sell the long-stalled 76-story mixed-use project across from Pershing Square in downtown Los Angeles.
Park Fifth LLC, the venture led by Africa Israel Investments Ltd. that also includes bankrupt local investment company Namco Capital Group Inc. and local developer Houk Development Co. The nearly 99,000-square-foot property at 427 W. Fifth St. currently operates as a surface parking lot but has entitlements for hundreds of condos, a hotel and retail space.
The US newspaper reports that if built as planned, Park Fifth would be the tallest residential tower west of Chicago and one of the biggest developments in L.A. history.
Africa-Israel acquired 60% of the project in December 2005 for $37 million.
Estimates are that Africa-Israel will struggle to recoup the NIS 233.7 million it has so far invested in the project.
Published by Globes [online], Israel business news - www.globes-online.com - on June 28, 2009
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