Oceanwide Plaza

Last updated

Oceanwide Plaza
Oceanwide Plaza III, II, I in construction (July 2022).JPG
Oceanwide Plaza
Former namesOceanwide
General information
TypeRetail and residential
Location1101 Flower St.
Los Angeles, California
Coordinates 34°02′33″N118°15′55″W / 34.04250°N 118.26528°W / 34.04250; -118.26528
Construction started2015
Completed2020 (originally projected) unknown
Cost$1 billion
Owner Oceanwide Holdings
Management Oceanwide 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
Developer Oceanwide Holdings [1]
Structural engineerEnglekirk Structural Engineers
Main contractor Lendlease 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.

Contents

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 to 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 Street 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] The Los Angeles City Council announced a cleanup campaign for the graffiti. [29]

See also

Related Research Articles

<span class="mw-page-title-main">Downtown Los Angeles</span> Neighborhood in Los Angeles, California

Downtown Los Angeles (DTLA) is the central business district of Los Angeles. It is part of the Central Los Angeles region and covers a 5.84 sq mi (15.1 km2) area. As of 2020, it contains over 500,000 jobs and has a population of roughly 85,000 residents, with an estimated daytime population of over 200,000 people prior to the COVID-19 pandemic. Despite a business exodus from downtown Los Angeles since the COVID-19 pandemic, the district is evolving as a cultural center with the world's largest showcase of architecture designed by Frank Gehry.

<span class="mw-page-title-main">L.A. Live</span> Entertainment complex located in downtown Los Angeles, California, US

L.A. Live is an entertainment complex in the South Park District of Downtown Los Angeles, California. It is adjacent to the Crypto.com Arena and Los Angeles Convention Center.

The Grand Avenue Project was a government lead revitalization effort for the Bunker Hill neighborhood of Downtown Los Angeles on Grand Avenue and centered around Grand Park, its surrounding county government buildings and its parking lots. It was administered by the Grand Avenue Authority, a joint powers authority consisting of Los Angeles County and City. The first task was to improve the streetscape of Grand Avenue. The second element was to upgrade the 12-acre (4.9 ha) Grand Park in 2012 with a refurbished fountains, lawn furniture, walkways and the planting of native gardens. And lastly, constructing several residential buildings, including a two-tower complex on the southeast corner of Grand Avenue and 1st Street, designed by Frank Gehry.

<span class="mw-page-title-main">Brickell World Plaza</span> Office skyscraper in Miami, Florida

The Brickell World Plaza, also known as 600 Brickell, and formerly known as the Brickell Financial Center, is an office skyscraper in Miami, Florida, United States in the downtown neighborhood and financial district of Brickell at 600 Brickell Avenue. The former Brickell Financial Center Phase I, the Brickell World Plaza is a 520-foot (160 m) skyscraper, one of the tallest buildings in Miami. 600 Brickell is located between the Sixth Street and Seventh Street Metromover stations.

<span class="mw-page-title-main">1 Cal Plaza</span> Skyscraper in Los Angeles, California

1 Cal Plaza, formerly known as One California Plaza, is a 176 m (577 ft) skyscraper located in the Bunker Hill District of downtown Los Angeles, California, United States. With a second skyscraper, Two California Plaza, it comprises the California Plaza project. The Plaza also is home to the Los Angeles Museum of Contemporary Art, Colburn School of Performing Arts, the Los Angeles Omni Hotel, and a 1.5-acre (0.61 ha) water court.

<span class="mw-page-title-main">80 South Street</span> Canceled skyscraper in Manhattan, New York

80 South Street was a proposed residential skyscraper in the Financial District of Manhattan, New York City, that had been planned in the early 21st century. The original proposal for the skyscraper, released in 2003, was designed by renowned Spanish architect Santiago Calatrava, and was canceled in 2008 as a result of a declining real-estate market. A new shorter design was planned to be finished in 2016, and China Oceanwide Holdings Limited acquired 80 South Street in March 2016. Following the collapse of Chinese real estate conglomerate Evergrande and the associated Chinese property sector crisis, in October 2021 China Oceanwide began marketing the property at an aggressive discount of more than $190 million below its original acquisition cost to raise funds for its parent entity.

<span class="mw-page-title-main">2Cal</span> 750-foot skyscraper in the Bunker Hill District of downtown Los Angeles

2Cal, formerly known as Two California Plaza, is a 750-foot (230 m) skyscraper in the Bunker Hill District of downtown Los Angeles, California, United States. The tower is part of the California Plaza project, consisting of two unique skyscrapers, One California Plaza and Two California Plaza. The Plaza is also home to the Los Angeles Museum of Contemporary Art (MoCA), Colburn School of Performing Arts, the Los Angeles Omni Hotel, and a 1.5-acre (0.61 ha) water court.

<span class="mw-page-title-main">Union Bank Plaza</span> Historic building in Los Angeles, California

Union Bank Plaza is a Los Angeles Historic-Cultural Monument listed 40-story, 157 m (515 ft) office skyscraper located on South Figueroa Street in Downtown Los Angeles, California.

<span class="mw-page-title-main">City National Plaza</span> Skyscraper in Los Angeles

City National Plaza is a twin tower skyscraper complex on South Flower Street in western Downtown Los Angeles, California, United States. It was originally named ARCO Plaza upon opening in 1972.

<span class="mw-page-title-main">Wilshire Grand Center</span> Skyscraper in Los Angeles, California, United States

Wilshire Grand Center is a 1,100-foot (335.3 m) skyscraper in the financial district of downtown Los Angeles, California, occupying the entire city block between Wilshire Boulevard and 7th, Figueroa, and Francisco streets. Completed in 2017, it is the tallest building west of Chicago. Though the structural top of the Wilshire Grand surpasses L.A.'s U.S. Bank Tower by 82 ft (25 m), the roof of the U.S. Bank Tower is still 90 ft above the Wilshire Grand's. The Skyscraper Center lists the Wilshire Grand Center as the 15th-tallest building in the U.S. and the 95th-tallest in the world. It won the Structural Engineering Award 2019 Award of Excellence from the Council on Tall Buildings and Urban Habitat.

Oceanwide Center is a mixed-use skyscraper complex on hold in the South of Market neighborhood of San Francisco, California, consisting of two towers.

<span class="mw-page-title-main">CallisonRTKL</span> Global architecture, planning and design firm

CallisonRTKL is a global architecture, planning and design firm formed from the October 2015 merger of Callison and RTKL Associates, both of which were subsidiaries of Arcadis NV.

Figueroa Centre is a 66-story, 975 ft Modernist hotel/residential skyscraper proposed for 925 S. Figueroa Street in downtown Los Angeles, California. Designed by CallisonRTKL. The rectangular steel-clad building design is similar to LA's Aon Center tower. If completed, it will be the third tallest building in Los Angeles, and the 4th tallest in California.

Circa, formerly 1200 Figueroa, is a twin tower 400-foot (121.9 m) skyscraper complex at 1200 Figueroa Street in downtown Los Angeles, California.

Angels Landing is a proposed development complex in Downtown Los Angeles, California, consisting of two traditional high-rise buildings.

<span class="mw-page-title-main">One Sydney Harbour</span> Residential in New South Wales, Australia

One Sydney Harbour is a skyscraper complex in Sydney, New South Wales, Australia. It includes 808 apartments in three towers, and is being built by Lendlease. The three towers are 247 metres, 230m (68), and 104m (29) tall respectively. The project is part of the major urban renewal precinct of Barangaroo, which also includes International Towers Sydney and Crown Sydney. The project was first proposed as an early concept in 2013, before Renzo Piano's design entry was appointed as the final design in 2015. Approval was given to the two towers in 2017, with construction commencing in 2019. Tower 1 topped out in December 2022, with Tower 2 following in March 2023. All three towers were completed by April 2024.

<span class="mw-page-title-main">Figueroa Eight</span> Residential skyscraper in Los Angeles

Figueroa Eight is a 530 foot (160 m)-tall residential skyscraper under construction in Downtown Los Angeles, California. Figueroa Eight is owned by Japanese real estate developer Mitsui Fudosan. The building broke ground in February 2020 and topped out in October 2022. Figueroa Eight is one of the tallest buildings in Los Angeles.

References

  1. 1 2 3 "DTLA Mixed-Use Complex Tops Off". Boutiquedesign.com. Retrieved October 30, 2019.[ dead link ]
  2. ↑ Fly Through DTLA's Oceanwide Plaza Urbanize.LA
  3. 1 2 "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. 1 2 "L.A.'s $1 Billion Trophy Tower Halted as China Pulls Back". Bloomberg.com. Bloomberg. October 30, 2019. Retrieved June 26, 2021.
  5. 1 2 Kilpatrick, Christine (March 26, 2018). "Massive High-Rise Project Finds Room to Grow in LA | 2018-03-26". ENR. Retrieved October 30, 2019.
  6. 1 2 "Construction restarting at Oceanwide Plaza as debt soars to $98.6M - Curbed LA". La.curbed.com. March 21, 2019. Retrieved October 30, 2019.
  7. 1 2 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 (June 2, 2017). "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. (June 10, 2018). "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.
  29. ↑ "Los Angeles Sets Deadline for Oceanwide Plaza Cleanup".
This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.