The Fig is poised to capture the hearts and imaginations of Angelinos, while redefining the area they call home. The project will spread economic development, job creation and neighborhood revitalization to one of the City’s most ethnically diverse and historically underserved communities. The Fig will benefit the community in the following ways:
Commitment to Affordable Housing
The Fig has dedicated 82 units, 20% of the project’s total dwelling units, to affordable housing. Ventus Group is committed helping the City of Los Angeles address its on-going affordable housing needs.
Creation of Community Employment Opportunities
The Fig will create substantial employment opportunities, including jobs for local residents. The project will generate jobs both during construction and upon completion. Specifically, the project will:
- Create 1,158 full-time and part-time construction jobs and pay $51.9 million in salary to on-site workers
- Create 440-full-time and part-time operations jobs when the project is complete and pay $21.7 million to on-site workers.
Generation of Tax Revenue
The Fig will generate $5.5 million in annual tax revenue from operations, including $3.25 million in transient occupancy and parking taxes. In total, the project will provide $130 million in net fiscal income to the City’s general fund over a 20-year period.
The Fig provides for convenient access to public transportation. The project is walking distance to the Metro Expo Line and Blue Line, as well as several bus lines.
The Fig will incorporate green principles throughout the project. The project will utilize state-of-the-art energy conservation and efficiency infrastructure to ensure that energy is not wasted; install high-efficiency toilets, including no-flush or waterless urinals in non-residential restrooms, and high-efficiency clothes washers; encourage the use of graywater and/or blackwater systems; incorporate the use of native and drought-tolerant plants; provide on-site recycling containers to promote the recycling of paper, metal, glass and other recyclable materials; and allocate preferred parking for alternative-fuel vehicles, low-emitting, fuel efficient and ride-sharing vehicles
Neighborhood Serving Retail
The Fig will provide nearly 75,000 square feet of retail, dining, and public space to the local community. Residents, students and visitors will all have the opportunity to experience all of the modern amenities the project has to offer.