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Oceanwide Plaza

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Coordinates: 34°02′33″N 118°15′55″W / 34.04250°N 118.26528°W / 34.04250; -118.26528
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Oceanwide Plaza
Map
Former namesOceanwide
General information
TypeRetail and residential
Location1101 Flower St.
Los Angeles, California
Coordinates34°02′33″N 118°15′55″W / 34.04250°N 118.26528°W / 34.04250; -118.26528
Construction started2015
Cost$1 billion
OwnerOceanwide Holdings
ManagementOceanwide Holdings[1]
Height
Architectural206.4 m (677 ft)
Top floor206.4 m (677 ft)
Technical details
Floor count49
4 below ground
Floor area2 million sq ft
Lifts/elevators49
Design and construction
Architect(s)RTKL
DeveloperOceanwide Holdings[1]
Structural engineerEnglekirk Structural Engineers
Main contractorLendlease Group

Oceanwide Plaza is an unfinished residential and retail complex composed of three towers in downtown Los Angeles, California, across the street from Crypto.com Arena and the Los Angeles Convention Center.[2] The complex, designed by CallisonRTKL, is owned by developer Oceanwide Holdings.

Construction began in 2015 but stopped in 2019.[3] It is unknown when the complex will open; development has been beset by financing problems related to ongoing geopolitical tensions between the US and China.[4][5][6] In late January-early February 2024, at least 27 floors of multiple towers at the complex were tagged with graffiti.[7]

Design

Oceanwide Plaza was designed by CallisonRTKL. Tower one was designed to feature a 184-room five-star Park Hyatt hotel and 164 Park Hyatt serviced condo residences, a live-in hotel option. It was designed reach a total height of 675 ft, 49 floors. Towers two and three were designed to have 504 residential condominiums.[5] They were designed to reach a total of 530 ft (160 m), 40 floors in height.[1] A retail mall was designed for the first three floors above ground with 153,000 sq ft (14,200 m2) of retail space.[8] The 9th floor was designed to feature a two-acre private park.[9]

History

The site was a vacant parking lot used by Crypto.com Arena patrons in the South Park neighborhood of Downtown Los Angeles. The site is immediately northwest of Los Angeles Metro Rail's Pico station.[10][11][12]

This development is part of a group of projects being developed on Figueroa in the 2010s, which allowed the addition of giant video advert screens facing Staples Center. Nearby projects include the Circa Towers and the Luxe Development. Oceanwide renderings also featured large ribbon-style video LED screens.[13][14]

The three apartment towers were constructed in April 2018. In January 2019, interior construction on the project was put on hold. The developer cited restructuring of capital and indicated work on the plaza would resume "shortly".[15][16][6] Contractor Lendlease suspended work until late March 2019, when it was announced that construction had resumed after nine active liens had been filed by subcontractors totaling US$98.6 million.[17] Due to the three-month pause in work, the opening date was delayed to an unknown date.[18] Work once again stopped in late 2019. Media reported that the towers were stuck in limbo over unpaid work and pending lawsuits.[19] The towers were an example of Chinese reductions in capital and investing in US real estate because of the country's ongoing trade dispute with the US and a Beijing crackdown on credit and capital flight.[4] Completion of work was reported to be uncertain and all work was on hold as of 2019.[3]

After failing to pay its debts, the project was foreclosed on by China-Oceanside in June 2023 and listed for sale. No asking price information was released. China-Oceanwide owed $157 million to a group of EB-5 lenders and planned to repay them from the proceeds of the sale. Lendlease filed a claim in court that it should be first in line for payment in the foreclosure sale. Lendlease also filed with the California Court of Appeals to invalidate the EB-5 loans altogether, claiming fraud and misrepresentation. In filings with the Hong Kong Stock Exchange, China-Oceanwide said that more than $1.2 billion was needed to finish the project and that they had already spent $1.1 billion.[20][21]

In late January and early February 2024, at least 27 floors of multiple towers at the complex were tagged with graffiti, attracting national attention.[7][22] Several people have been arrested,[23][24] and city officials and a downtown business association condemned the graffiti.[25][26][27] By contrast, columnist Gustavo Arellano described the "street art" as "L.A. at its finest" because it "transform[ed] something ugly into something far more vibrant".[28]

See also

References

  1. ^ a b c "DTLA Mixed-Use Complex Tops Off". Boutiquedesign.com. Retrieved October 30, 2019.[dead link‍]
  2. ^ Fly Through DTLA's Oceanwide Plaza Urbanize.LA
  3. ^ a b "L.A.'s $1 billion trophy tower halted as china pulls back". Bloomberg News. October 30, 2019. Retrieved October 31, 2019 – via Finance & Commerce.
  4. ^ a b "L.A.'s $1 Billion Trophy Tower Halted as China Pulls Back". Bloomberg.com. Bloomberg. October 30, 2019. Retrieved June 26, 2021.
  5. ^ a b Kilpatrick, Christine (March 26, 2018). "Massive High-Rise Project Finds Room to Grow in LA | 2018-03-26". ENR. Retrieved October 30, 2019.
  6. ^ a b "Construction restarting at Oceanwide Plaza as debt soars to $98.6M - Curbed LA". La.curbed.com. March 21, 2019. Retrieved October 30, 2019.
  7. ^ a b Lin, Summer; Gauthier, Robert (February 1, 2024). "Taggers seen in action at graffiti-covered L.A. skyscraper. Across street in 2 days: The Grammys". Los Angeles Times.
  8. ^ "Oceanwide Plaza". CallisonRTKL. March 6, 2018. Retrieved October 30, 2019.
  9. ^ "L.A. Condos Take Wellness to a New Level | Multifamily Executive Magazine | Condo Trends, Condominium, los Angeles-Long Beach, CA". Archived from the original on April 9, 2018. Retrieved April 8, 2018.
  10. ^ "Press". Oceanwide Plaza. Retrieved October 30, 2019.
  11. ^ Kim, Eddie. "Two-Tower Circa Project Tops Out | Development". ladowntownnews.com. Retrieved October 30, 2019.
  12. ^ "LA's Largest Mixed-Use Development Releases Never-Before-Seen Offerings | Unique Homes". Blog.uniquehomes.com. February 2, 2018. Retrieved October 30, 2019.
  13. ^ Pingel, Maile (August 23, 2018). "3 Development Projects Rising In Los Angeles - Luxe Interiors + Design". Luxedaily.luxesource.com. Retrieved October 30, 2019.
  14. ^ Hendrickson, V. L. "Towers that Wow: New Buildings in Los Angeles, Toronto and Dubai". www.mansionglobal.com.
  15. ^ Vincent, Roger; Alpert Reyes, Emily; Zahniser, David (January 25, 2019). "Construction halts on $1-billion mixed-use complex in downtown L.A." The Los Angeles Times. Retrieved January 25, 2019.
  16. ^ "Construction at massive Oceanwide Plaza in downtown L.A. remains stalled". Los Angeles Times. February 2019. Retrieved February 23, 2018.
  17. ^ Sargent, Joe (March 26, 2019). "US$1 billion LA plaza work restarts". KHL. Retrieved October 30, 2019.
  18. ^ "After Financial Challenges, Construction For Oceanwide Plaza Restarts". Bisnow.
  19. ^ Jones, Orion (September 16, 2021). "Lendlease to Exit Oceanwide's LA Megaproject". The Real Deal Los Angeles. Retrieved September 17, 2021.
  20. ^ https://www.costar.com/article/2030217368/los-angeles-skyscraper-unfinished-and-for-sale-draws-potential-buyers-—-and-new-ideas
  21. ^ Jack Rogers. "Oceanwide Default Puts $2B Los Angeles Project on Selling Block". GlobeSt.
  22. ^ Carballo, Rebecca (February 4, 2024). "Multiple Floors of Los Angeles Skyscrapers Are Covered in Graffiti". The New York Times. ISSN 0362-4331. Retrieved February 9, 2024.
  23. ^ DuBose, Josh (February 1, 2024). "2 arrests made in tagging of downtown L.A. skyscraper under construction". KTLA-TV. Retrieved February 2, 2024.
  24. ^ "Four more trespassing arrests made at graffitied downtown skyscraper". Los Angeles Times. February 7, 2024. Retrieved February 9, 2024.
  25. ^ "City determined to stop taggers, clean up downtown LA high-rises covered with graffiti". ABC7 Los Angeles. February 8, 2024. Retrieved February 9, 2024.
  26. ^ "Two arrested in connection with tagging graffiti-covered L.A. skyscraper across the street from Grammys venue". Los Angeles Times. February 2, 2024. Retrieved February 9, 2024.
  27. ^ "Clean and secure your tagged high-rise or we'll do it for you, L.A. proposes telling owner". Los Angeles Times. February 9, 2024. Retrieved February 9, 2024.
  28. ^ Arellano, Gustavo (February 3, 2024). "Column: Vandalism or street art? What the graffiti-tagged high-rises say about L.A." Los Angeles Times. Retrieved February 9, 2024.
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