Oceanwide Plaza has celebrated its topping off, a major milestone that brings the massive mixed-use project closer to completion. The $1 billion project will bring the first Park Hyatt and the Park Hyatt Branded Residences, a two-acre sky park that will include two dog parks and a 700-foot LED ribbon spanning almost a block. It is one of the largest projects to come to Downtown Los Angeles, which continues to change rapidly. To get an update on the project, the topping off ceremony and a vision of the market that the project will deliver into, we sat down with Thomas Feng, CEO of developer Oceanwide Plaza.
GlobeSt.com: Why is this such an important milestone for the project, and what was the response from attendees at the event?
Thomas Feng: The topping off of Oceanwide Plaza's residential towers and the Park Hyatt hotel and residences signals a key achievement and showcases to both the greater Los Angeles and global community that we are on track to deliver a project that will not only redefine the Los Angeles skyline but the city's residential, retail and lifestyle offerings. Through Oceanwide Plaza, we are able to fulfill our promise of instilling a new standard of urban living in the South Park neighborhood of downtown Los Angeles. As our first flagship real estate project in the United States, we wanted to create a vibrant city center that our future guests will connect with the moment they arrive. From conceptualization to construction, our team is devoted to delivering the most significant mixed-use development in the history of downtown LA and reaching the topping off milestone gets us that much closer.
We were thrilled to be celebrating our project's topping off with our team and notable city dignitaries such as Councilmember Jose Huizar and Chairman and CEO of PPC Partners Anthony Pritzker. The atmosphere was euphoric and excitement was at its peak as the final beam was being raised. It was a proud moment for the whole team and we can't wait for what is to come for the project.
GlobeSt.com: What is the next step in the development?
Feng: Oceanwide Plaza is truly a unique project and we're very excited to bring to life this monumental development that will permanently impact DTLA. We recently announced a collaboration with celebrity fitness trainer and nutritionist Harley Pasternak to conceptualize Oceanwide Plaza's expansive amenity spaces, and curate a wellness lifestyle for future residents. As the topping off paves the way for the next chapter in Oceanwide Plaza's construction timeline, we look forward to revealing our retail partners and launching sales for our luxury residences.
GlobeSt.com: Tell me about the leasing traction and interest in the project so far, and how it is stacking up against your expectations.
Feng: As one of the most anticipated projects in the city, there's tremendous intrigue surrounding the project. No other project will deliver the caliber of service and amenity-driven lifestyle that Oceanwide Plaza will offer. Since we are in the heart of the sports and entertainment district, there is incredible demand for our location. We have already received leasing proposals for two-thirds of the retail portion of the project. Ultimately, The Collection at Oceanwide Plaza will be an added amenity complementing our resident's lifestyle as well as elevating the surrounding community as a destination. Our tenant mix will mirror the trend toward experiential concepts, some of which combine food use, merchandise and interactive experiences. We think these creative concepts are the future of retail and will help to ensure the long-term success of the project.
Our intention is to build one of the world's finest mixed-use communities in an already highly desirable locale. Oceanwide Plaza is redefining the future of design in Southern California by encompassing a wide spectrum of property types – hospitality, retail, residential. We feel that our ability to entice a very diverse crowd of people to DTLA for a variety of reasons will attract even more people to expand their families and lifestyle right here.
GlobeSt.com: How has the Downtown market changed since the project started, and how has this affected the project?
Feng: Los Angeles is a global city that is currently experiencing a developmental renaissance—from finance to fashion, art to athletics—and we've been fortunate to be part of downtown Los Angeles' evolution. From what we've seen in the past few years, it has become more familial and walkable, especially with the arrival of prominent restaurants, shops and a vibrant nightlife. DTLA is finally becoming what it was meant to be – a cultural hub within Los Angeles.
The reality of the L.A. housing market today tells us that owning is a smarter investment in the long-term. In turn, Oceanwide has found the smartest investment to be one that will ultimately encourage economic growth and result in a positive revenue source for the city. By developing a mixed-use project from the ground up, Oceanwide was able to design the nearly 1.5 million square feet of retail, hospitality and residences in the heart of the city, all the while creating a signature lifestyle destination in Southern California.
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Kelsi Maree Borland
