Rendering of Oceanwide Plaza. Image courtesy of Oceanwide Real Estate Group
Designed by global architecture, planning and design firm CallisonRTKL, Oceanwide Plaza is a massive $1 billion project from China’s Oceanwide Real Estate Group currently underway in Downtown Los Angeles‘ South Park neighborhood. The development sits just west of Evo South, Elleven South, and Luma South. Oceanwide Plaza consists of three towers overlooking Staples Center with two 40-story residential buildings with a planned 504 condominiums and a 49-story tower slated to become the 184-room Park Hyatt Hotel. The project is also designed for 153,000 square feet of retail space and to provide 37,000 square feet of public outdoor space. A west facing ribbon-like electronic billboard will make Oceanwide Plaza hard to miss.
Oceanwide Plaza was originally slated to open in 2020, but non-conventional avenues used to finance the Project have been frustrated likely due to a tightening of capital controls by the Chinese government, precluding availability of anticipated funding from within China. The Project’s completion date, and who will own Oceanwide Plaza at the end of construction, is now in question. As of December 4, 2019, Oceanwide Real Estate Group, had put some of their other US properties for sale and it is rumored Oceanwide Real Estate Group may face the same fate.
Peter Ryan Real Estate