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Oceanwide Reveals Plans for Its $1B DTLA Project

LOS ANGELES—The developer wants its eponymous mixed-use development in South Park to be the “most significant” and luxury project in the market, with a five-star Park Hyatt hotel, curated retailers and restaurants and high-end residential.

By Kelsi Maree Borland | Updated on October 28, 2016
Oceanwide Plaza Oceanwide Plaza is a massive mixed-use project adjacent to the Staples Center and L.A. LIVE.

LOS ANGELES—Oceanwide Plaza LLC has revealed plans for its eponymous $1 billion mixed-use project in Downtown Los Angeles. It has called the project the “most significant” development in the market. It will feature a five-star Park Hyatt hotel, curated retailers and restaurants and high-end residences. Oceanwide Plaza LLC is a subsidy of Oceanwide Holdings, a Chinese developer. This is its first US project.

“Our vision for Oceanwide Plaza is to introduce a world-class entertainment destination that is authentic and reflective of the local culture of Los Angeles that will result in a vibrant, unprecedented experience for our guests, be they a lifelong Angeleno or an international traveler,” Thomas Feng, CEO of Oceanwide Plaza LLC, tells GlobeSt.com. “That said, we are consciously building Oceanwide Plaza to be on par with the world’s finest mixed-use communities. The nearly 700 feet of ribbon-shaped LED signage along Figueroa Street will wrap the generous lifestyle center as the character-defining hallmark of Oceanwide Plaza, offering a serene, nearly suburban experience in an urbanized environment.”

The property is in the South Park neighborhood, adjacent to the Staples Center and L.A. LIVE—and it is massive. It will feature three residential towers totaling 504 units, a seven-story lifestyle podium with a 166,000-square-foot open-air galleria, which will house the project’s retail component, and a 184-room hotel in a separate tower. The property is of course fully amenitized, with full concierge services, a private amenity deck and a two-acre outdoor sanctuary. CallisonRTKL is designing the retail and hotel at the property. It is scheduled to open in 2019, although leasing efforts for the retail portion, which will the called the Collection at Oceanwide Plaza, have already started.

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