LOS ANGELES | Downtown Project Rundown 6.0

[scania]

Originally Posted by colemonkee

I read that to say that they've agreed upon a framework that will allow them to come to an agreement on how they will ultimately allocate the debt obligations as part of a sale/liquidation, but it does not yet define that breakout. It's the "intended to facilitate" language that indicates the breakdown is not yet finalized and that disputes still remain. "...a resolution in principle intended to facilitate a global resolution..."

I’m not sure on what all of this means…depending on which side of the fence you’re on, this is somewhat good news, or the city is going to hell. Lol

[citywatch]

Oceanwide Plaza, the billion-dollar, partially built condo project that looms over Downtown LA is still in search of a buyer, but once it sells, its creditors at least know who will be first in line for payment.

A lawsuit to determine lien priority on the maligned set of towers was resolved Feb. 25, with a judge ruling that the project’s lender, LA Downtown Investment, is first in line for payment rather than contractors that are owed millions. Holding first priority means the lender is likely to be paid in full, while other creditors may be paid only in part, the Los Angeles County Superior Court ruling notes.

“The bankruptcy court is going to try and move pretty quickly to transition this property to a new owner,” said Greenberg Traurig shareholder Eric Rowen, who was on the firm’s team representing LADI in the lien priority case.

However, the speed of the sale is largely dependent on the search for a buyer willing to pay the price and take over a troubled project. The estimated $1B required to complete it plus a ballpark $500M to acquire the site has slowed the sale, said Mark Tarczynski of Colliers, who is part of the team facilitating the sale.

“I’ve got to tell you, putting together a billion-five in today’s environment is not exactly easy,” Tarczynski said. “I’ve been estimating four weeks [to close a sale] for the last three months,” Tarczynski said. “At this point, it’s just kind of useless to estimate. It’ll happen this year, and I’m hoping it will happen before the close of Q2.”

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[SoCalKid]

Originally Posted by scania

I’m not sure on what all of this means…depending on which side of the fence you’re on, this is somewhat good news, or the city is going to hell. Lol

The filing that was posted pretty much said this:

- a bunch of background on the filing forcing Oceanwide to sell, and claims that their insurance was insufficient.
- Notes that a schedule for a sale was established, and then subsequently amended (clearly when they couldn't actually get a buyer).
- Says they're now having a meeting with the court involved to re-establish a strategy and schedule for selling the property. I think this was done now because the dispute over payment priority between the contractor (Lendlease) and the lender is now over (the lender won, as would be expected)

The article that Citywatch linked to gives more detail - there is no sale lined up. They're asking for $500M and it's going to cost another $1 billion to finish the building. That means a buyer would have to think the project is worth ~$1.8-$2 billion finished (they'll be in for $1.5B and need a 20-30% margin). As someone who underwrote this deal at a large development shop, I don't think it's likely that anyone pays the price they're asking.

[scania]

Ahhhh…oh ok cool.

[nmkef]

Appreciate you SoCalKid, trying to understand these legal filings is a struggle bus for sure.

[citywatch]

this new business is in the shadows of the onni apt proj at Hill & Olympic. The bldg originally was a tire store &, more recently, a craft beer hall. It closed following the pandemic....the economy is tough right now so I hope this new restaurant does well. But it's pricey....however, if the reviewer's opinion is shared by most customers, that will help.

la.eater.com

On February 28, the Gallery in Downtown Los Angeles went live with its “Elementa” dining experience, a menu set to an interactive, multi-sensory show designed by Mousetrappe Media.

The verdict: The owners anticipate knee-jerk reactions to this novel dining experience for guests who would describe it as gimmicky, accepting that this type of meal is not for everyone. When people go to theme restaurants, expectations are usually low, as are often the ambitions of the restaurant..... Whether or not there’s value will depend on each person, but to my surprise, I found myself pretty engaged with the immersive visuals, which made Whigham’s menu even more memorable.

As for oceanwide plaza, first funded by Chinese devlprs, there's news out of china of huge devlpts, inc highrise apt & office bldgs, that are largely vacant....ghost cities. I've seen scenes of very fancy projs that are lifeless, some even abandoned. So if dtla is struggling, it's hardly alone.

The theory....my theory....that if you build it....& it's attractive enough...they will come, is being challenged. When that occurs, I don't know what options are left. however, an area like dtla also needs to be kept clean & safe, not just made nicer looking.

[JRinSoCal]

Originally Posted by hughfb3

This crown and this lighting is not the business! The crown looks like Phil and Lill's hair from the Rugrats

I would love to see a night skyline picture featuring this tower with its crown lit up!

[AusTex]

Originally Posted by hughfb3

This crown and this lighting is not the business! The crown looks like Phil and Lill's hair from the Rugrats

Wow, It Has been awhile since I have lived in LA. Referencing animation is just not heard of outside of LA and NYC. At least they Have a Crown and Lighting.

Much better than Most!

[ajbeaver25]

Originally Posted by JRinSoCal

I would love to see a night skyline picture featuring this tower with its crown lit up!

Yeah, I've been looking for photos of downtown taken within the last 3 weeks, nothing on Getty Images or Instagram

[ethereal_reality]

Originally Posted by hughfb3

The crown looks like Phil and Lill's hair from the Rugrats

LOL... I like how you think.

[SoCalKid]

So in a recent court filing, Oceanwide asked to delay the meeting that was scheduled for 4/14 where the details of the strategy going forward would be worked out to sometime in May. But! They claim they have a buyer now:

"Debtor is in the process of finalizing the sale of the Property. A Letter of Intent for the sale of the property (LOI) has been signed with a buyer. Among other terms, the timeline for setting an overbid deadline and outside date for closing the sale are being finalized. All terms remain in all respects subject to documentation and Court approval."

I'm a little skeptical given the Bisnow article that JUST came out where the broker says there isn't a buyer and he doesn't know when it will sell. But hopefully this is real and this things actually gets sold soon to someone who will complete the project. An open Oceanwide would dovetail really nicely with the newly opened Chick Hearn plaza.

[scania]

Originally Posted by SoCalKid

So in a recent court filing, Oceanwide asked to delay the meeting that was scheduled for 4/14 where the details of the strategy going forward would be worked out to sometime in May. But! They claim they have a buyer now:

"Debtor is in the process of finalizing the sale of the Property. A Letter of Intent for the sale of the property (LOI) has been signed with a buyer. Among other terms, the timeline for setting an overbid deadline and outside date for closing the sale are being finalized. All terms remain in all respects subject to documentation and Court approval."

I'm a little skeptical given the Bisnow article that JUST came out where the broker says there isn't a buyer and he doesn't know when it will sell. But hopefully this is real and this things actually gets sold soon to someone who will complete the project. An open Oceanwide would dovetail really nicely with the newly opened Chick Hearn plaza.

Fingers crossed

[citywatch]

• Video Link

The Broad broke ground on an expansion project Wednesday.

Joanne Heyler, president of The Broad, laid out the changes coming to the museum.

“There will be 70% more gallery space to enjoy, roughly double the number of collection artworks to view and continuous temporary special exhibitions,” she said. “Visitors will encounter upper floor outdoor spaces to catch a breath of fresh air during their now somewhat longer visit to the museum. There'll be more room for in-depth single artist presentations in our galleries in the expansion.”


nytimes.com

Politics & government in LA & calif allow for so many things, yet the ONE thing they should have started tolerating...& supporting....yrs ago is still treated like today is of over 40, 60 yrs ago. This still being controversial is ridiculous...it's as though the west coast is a Utah or Kansas.

Assemblymember Matt Haney and other lawmakers introduced AB 342 during a news conference in downtown Los Angeles Monday morning. The goal is to attract tourism and boost the hospitality business in downtown districts across the state that have been struggling since the COVID-19 pandemic.

The new legislation would allow local governments to create "Hospitality Zones" if they choose. It wouldn't be required, but businesses in cities that opt-in would then be allowed to serve alcohol until 4 a.m. on weekends and state holidays.

The bill would also allow the local governments to establish "Special Events Hospitability Zones," which would be in place for a maximum of one month for special events like music festivals, the upcoming World Cup and the 2028 Summer Olympics in L.A.

A few years ago, lawmakers rejected a similar proposed bill, which would've allowed extended bar hours for three cities: Palm Springs, West Hollywood and San Francisco.

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[kelbeen]

Originally Posted by JRinSoCal

I would love to see a night skyline picture featuring this tower with its crown lit up!

Downtown Los Angeles April 2025 Skyline by Kelvin Cheng, on Flickr


Los Angeles Nocturnal Severe Storm Incoming by Kelvin Cheng, on Flickr


LA Stormy Nights by Kelvin Cheng, on Flickr


Downtown LA March 2025 Panoramic Skyline by Kelvin Cheng, on Flickr

[LosAngelesSportsFan]

Great pictures!

Big day for downtown today. Broad expansion broke ground and the convention center expansion was approved to move forward

[scania]

GREAT GREAT pictures. The convention center expansion was approved???

[Radio5]

Originally Posted by LosAngelesSportsFan

Great pictures!

Big day for downtown today. Broad expansion broke ground and the convention center expansion was approved to move forward

So they're going with the phased approach for the convention center?

[craigs]

I'll say this about Olympic + Hill: Standing on Hill St. at W. Temple St., at Hill's highest point and looking southward/downhill, Olympic + Hill is very clearly the tallest building on the entire street. It's quite striking on the skyline, even at 1.3 miles away. It's also a lot more slender in person than in the photos. I'm a fan.

[LosAngelesSportsFan]

I may have jumped the gun slightly. Approved 14 to 1 for approval funding to determine final costs to move it forward, final vote in July but looking real good. Phased construction starting in September, pausing for Olympics, finishing early 2029

[112597jorge]

Originally Posted by LosAngelesSportsFan

I may have jumped the gun slightly. Approved 14 to 1 for approval funding to determine final costs to move it forward, final vote in July but looking real good. Phased construction starting in September, pausing for Olympics, finishing early 2029

Do you know if the 5 large ad spaces are digital video boards? If so Figueroa is going to look pretty cool with video boards on all sides.