Hondo is a real estate developer who has been developing homes in the San Francisco Bay Area.
And he is the owner of the company that will be buying the property for $1.9 billion.
According to the LA Times, Hondo had the option of selling it to a developer before he sold it to an investment group led by Peter Thiel, a Silicon Valley investor who was involved in the Trump campaign.
But he decided to keep the property.
“It’s the property that’s at the core of my success,” Hondo told the LA Daily News in an interview last week.
“If I were to sell it, I would go to the bottom line.”
According to The New York Times, the developer will be paid $1 billion and have “significant access to private equity, private-equity funds and other capital.”
He also reportedly plans to open an office in the United Kingdom and build a $3.2 billion luxury hotel on the site.
The company has yet to comment on its plans.
Hondo’s decision to keep some of the property will be a major setback for the developers behind the project, which has been in the works for years.
The developers have previously said they plan to develop the property in phases.
In February, the LA Weekly reported that the developers were working on a $500 million plan for the land.
“We’ve never been able to figure out the best use of it,” Hinton told the Weekly, according to the newspaper.
“The only thing we know is that it’s the center of our business.”
The Los Angeles Times reports that the land will likely be used for a shopping center, hotel, office, apartments and residential development.
The newspaper also reported that “several developers are seeking to buy the property.”