LOS ANGELES | Downtown Project Rundown 6.0

[pwright1]

[LAsam]

^Wow, getting tall! Do we know how close to topped out this one is?

[Prahaboheme]

Who would have thought even a decade ago that the Arts District would be getting high-rise buildings.

[LA21st]

Originally Posted by Prahaboheme

Who would have thought even a decade ago that the Arts District would be getting high-rise buildings.

By 2035 it might have it's own skyline lol.

[caligrad]

^^^ Lets pray it does. I hope so.

[citywatch]

Lendlease's Claire Johnston and Oceanwide's Liu Guosheng with the unfinished Oceanwide Plaza project (Lendlease, Oceanwide, Google Maps, Getty)

California court blocks foreclosure of Oceanwide Plaza in DTLA

A group of EB-5 investors in China Oceanwide’s unfinished mega-project in Downtown L.A. can’t proceed with a foreclosure just yet. A California state court of appeals has temporarily blocked a foreclosure of Oceanwide Plaza from moving forward, according to a court order filed last week.

A panel made up of three appellate justices announced it needs more time to review claims from Oceanwide’s general contractor on the project, Lendlease, over who would get paid first in the event of a foreclosure.

In June, a group of EB-5 lenders filed a notice of default with L.A. County, stating the Beijing-based developer had defaulted on an EB-5 loan tied to the project. Oceanwide owed $157.4 million under the loan, according to the notice, which also stated a sale could be scheduled after Aug. 8.

Lendlease and subcontractor Webcor are suing the EB-5 lenders and Oceanwide in an effort to gain lien priority over the EB-5 lenders, meaning in the event of a foreclosure or bankruptcy, the contractors would get paid first.

Lendlease claims Oceanwide owes about $135 million, according to a source familiar with the matter. That’s in addition to the $42 million Oceanwide was ordered to pay Lendlease in 2021 — a sum Lendlease has still not received from the firm, the source added.

Oceanwide’s Downtown L.A. project — the only U.S. asset Oceanwide has left — has sat unfinished since 2019. In filings with the Hong Kong Stock Exchange, the firm said it would need more than $1.2 billion to finish construction, in addition to the $1.1 billion it has already spent.

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[LAsam]

^Likely an issue of sorting out priority of who gets ownership in foreclosure. What a mess.

[LAisthePlace]

Originally Posted by LAsam

^Likely an issue of sorting out priority of who gets ownership in foreclosure. What a mess.

With Lendlease already being owed $135M+ by Oceanwide and their ability to take on and build a major project in Los Angeles (https://la.urbanize.city/post/storage-fa...-development-3401-s-la-cienega-boulevard) is there a best case scenario where they actually get ownership of this project and just complete it themselves?

[LAsam]

Originally Posted by LAisthePlace

With Lendlease already being owed $135M+ by Oceanwide and their ability to take on and build a major project in Los Angeles (https://la.urbanize.city/post/storage-fa...-development-3401-s-la-cienega-boulevard) is there a best case scenario where they actually get ownership of this project and just complete it themselves?

That would be a tricky scenario because there's a senior lender, potentially preferred equity, mezz debt (EB-5)... etc. What happens to all of them?

[Doctorboffin]

https://x.com/numble/status/1694851390256910739?s=46&t=seXxpSigQzvRxU2qjL_Rbw

Seems like a large mix-used project (presumably a skyscraper) has been proposed for the site next to the Grand Ave Arts station.

[Yackemflaber69]

How tall do yall think it will be?

[Blesha13]

The Bank of America logo is coming off from 333 S Hope St. Anyone know who’ll add theirs or will it remain blank?

[202_Cyclist]

Originally Posted by Doctorboffin

https://x.com/numble/status/1694851390256910739?s=46&t=seXxpSigQzvRxU2qjL_Rbw

Seems like a large mix-used project (presumably a skyscraper) has been proposed for the site next to the Grand Ave Arts station.

I digress but --wow-- X is really dumb. It has to be one of the worst marketing rebrands ever.

[Radio5]

Originally Posted by Doctorboffin

https://x.com/numble/status/1694851390256910739?s=46&t=seXxpSigQzvRxU2qjL_Rbw

Seems like a large mix-used project (presumably a skyscraper) has been proposed for the site next to the Grand Ave Arts station.

Why does it feel like LA is the only city that adds a skyscraper years later over a station. seems like it just costs more money for the developer to do later instead of in conjunction.

[citywatch]

• Video Link

[headcheckjj]

1000 Hill Street as seen from the Wilshire Grand on the afternoon of 8/26

[LAisthePlace]

https://spectrumnews1.com/ca/la-west/hum...nLyN6Ek05Z1WojyACHGpnSEiaJPM-vSOJIbwlNYU

I don't feel great about this...It is one thing to re-do the marquee square in Downtown LA with a world class design picked through a design competition.

It is another thing for a half baked design by committee that no one loves to replace it.

Even if its not fully beloved I think there are iconic aspects of Ricardo Legorreta and Laurie Olin's design that if we are doing a half hearted re-do should remain (the purple "bell tower", the fountain).

I'm going to miss this.

[38 Geary]

^ What do you think has caused Pershing Square to struggle all these years? I understand it being a parking garage and the layout being pretty uninviting to pedestrians is an issue, but how about the immediate surrounding area? Is it lacking somehow in ground level retail to move pedestrians around and through the square and/or stay awhile to take a break? Is there too much hardscape? Does it need more grass/trees? Or maybe a water fountain for citywatch's enjoyment.

Also, these statistics are staggering. DTLA (really LA in general) is in desperate need of urban green/open space (that isn't a golf course). While it's great for these new towers in South Park to have their own amenity podiums, I do wonder if it in some ways reduces the demand for public open space in DTLA since it lessens the need for it.

Downtown LA represents one of the lowest park-per-resident communities in LA, according to a statement from LA Council member Kevin de Leon’s office.

Overall, LA ranks 78th in the nation when it comes to park access, investment, acreage, amenities and equity, according to the Trust for Public Land’s 2022 Park Score.

That’s seven spots lower than its rank in 2021.

The trust reported that just 63% of LA residents live within a 10-minute walk of a park.

https://spectrumnews1.com/ca/la-west/hum...nLyN6Ek05Z1WojyACHGpnSEiaJPM-vSOJIbwlNYU

[SoCalKid]

Originally Posted by LAsam

That would be a tricky scenario because there's a senior lender, potentially preferred equity, mezz debt (EB-5)... etc. What happens to all of them?

They would need to work out a deal with the other lien holders (which likely wouldn't include preferred equity). But the contractor's liens are senior to any lenders, so they will be the first to get paid back in any scenario. For that reason, I don't think it's a crazy scenario for Lendlease to end up in control.

[SoCalKid]

Originally Posted by LAisthePlace

https://spectrumnews1.com/ca/la-west/hum...nLyN6Ek05Z1WojyACHGpnSEiaJPM-vSOJIbwlNYU

I don't feel great about this...It is one thing to re-do the marquee square in Downtown LA with a world class design picked through a design competition.

It is another thing for a half baked design by committee that no one loves to replace it.

Even if its not fully beloved I think there are iconic aspects of Ricardo Legorreta and Laurie Olin's design that if we are doing a half hearted re-do should remain (the purple "bell tower", the fountain).

I'm going to miss this.

I have reservations about the new design, but I hate the existing design and would love to see it all demolished. I don't understand why LA can't just do simple parks with trees, paths, fields, and native pollinators. We overdesign every park.