Beijing Developer Tops Off $1 Billion Oceanwide Plaza
Massive Mixed-Use Project Scheduled to Open in 2019
Oceanwide Holdings President Xiaosheng Han said the South Park project will “refine the city’s skyline. Photo: Karen Jordan
It was topping off time this week for Oceanwide Plaza, the $1 billion project under development by Beijing-based Oceanwide Holdings Ltd.
The massive project across the street from Staples Center will consist of three glass high-rises jutting out from a huge podium, with around 160,000 square feet of retail. The project will also include a 184-room Park Hyatt Hotel and a total of 504 residential units in the Park Hyatt Los Angeles Residences and twin towers behind the hotel.
Oceanwide Plaza, scheduled to open next year, will also have a two-acre sky park and a 700-foot LED screen to wrap the perimeter of the building spanning one full block, billed by the developer as the largest in the U.S.
With rounds of congratulations and toasts, Oceanwide Holdings President Xiaosheng Han said the occasion signaled, “we are on track to deliver a project that will not only redefine the city’s skyline but the city’s residential, retail and lifestyle offerings.”
The project down the street from L.A. Live also marks the first hotel and residential development for the Park Hyatt on the West Coast, according to Tony Pritzker, chairman and CEO of The Pritzker Group. His family founded the Hyatt Hotels chain.
“L.A. Live was first here, but this is a transformative project. It’s a big foot print,” Pritzker told CoStar News.
An added boost to the project: celebrity trainer Harley Pasternak will curate on-site fitness programs. CallisonRTKL is the project’s designer.
“Oceanwide is a project like no other that we have seen during the downtown revitalization,” said Councilman Jose Huizar, who represents the South Park district where the project is located, during the Thursday topping off ceremony.
Huizar said 76,000 people live in the downtown district compared with 10,000 a decade ago, with another 120,000 residents projected by 2040.
Ellen Riotto, executive director of the South Park Business Improvement District, added the Oceanwide Plaza would give the area a big boost.
As ambitious as the project is, the developer has yet to announce the signing of any retailers.
There is “no shortage” of interest from retailers looking at the retail component, according to Justin Weiss, vice president at Kennedy Wilson Properties, who is handling the leasing.
“We’re working on numerous deals right now with leases in the works,” Weiss said, describing the potential tenants as “approachable luxury” retailers.