LOS ANGELES | Downtown Project Rundown 6.0

[plinko]

What the hell is that new trellis defiling the base of the Library Tower? And why is it landlord beige? F*cking hell.

[Blesha13]

Originally Posted by Niftybox

That woulda be an all-time great gotcha moment @ Wilshire Grand. Higher top livable floor and way higher highest spire height, they could still do it, I made a render of what it could look like with an extended tapered crown and spire:

Oh heck yeah this is great! Love how the crown is tapered, almost ESB-esque. Just need the entire spire to light up at night

[BrandonJXN]

Originally Posted by Niftybox

That woulda be an all-time great gotcha moment @ Wilshire Grand. Higher top livable floor and way higher highest spire height, they could still do it, I made a render of what it could look like with an extended tapered crown and spire:

That doesn't look good at all.

[craigs]

I love the shape of Library Tower as is. It's a truly unique supertall, and the only change that I would make to it would be to remove the bank's name from the otherwise stunning crown.

[JDRCRASH]

At this point the only thing I want done with US Bank is to see that dreadful logo ripped down.

Edit: NVMND I’m glad I’m not the only one tired of it. At least they got rid of the stupid slide.

[Niftybox]

Originally Posted by BrandonJXN

That doesn't look good at all.

It looks even worse without the tapered spire and other iterations I tried, this one looks passable I'd say (for the attempt) at least.

Looks like one of the Petronas towers.

[BrandonJXN]

More like Petronah Tower.

[craigs]

As requested, a couple snaps from earlier today of Onni's Olympic + Hill construction site: above ground edition.

[LosAngelesSportsFan]

Let the fun times begin!

[Mojeda101]

Amazing! It's already above ground. Once the podium is finished this thing is going to shoot up like crazy!

[LAnative61]

Thanks for the update on Olympic & Hill! Does anyone know if this tower will be steel beams or concrete and rebar like most of the new residential towers?

[craigs]

Originally Posted by LAnative61

Thanks for the update on Olympic & Hill!

Glad to do it!

And I'd like to take the opportunity to note that downtown was very lively and active yesterday.

[colemonkee]

Olympic & Hill will be rebar-reinforced concrete all the way up.

[HusBy]

Any suggestions on how to post photos? Have followed these threads for years and would like to start sharing photos, mostly of downtown and the west side and points in between. Sorry if this is covered elsewhere but I searched the forum and didn't find anything. Thanks!

**EDIT - found the FAQ** please disregard/delete if needed.

[zonedgreg]

China Oceanwide Wants To Sell Los Angeles Tower To Retain Shanghai Properties
Cash-strapped Developer Says It’s Negotiating With a Purchaser for Oceanwide Plaza
A rendering of Oceanwide Plaza, an unfinished three-tower project in downtown Los Angeles that started construction in 2014. (CoStar)
A rendering of Oceanwide Plaza, an unfinished three-tower project in downtown Los Angeles that started construction in 2014. (CoStar)
By Jack Witthaus
CoStar News

April 5, 2023 | 4:29 P.M.
The developer of an unfinished mixed-use project in downtown Los Angeles says it hopes to sell its development this year to get a grip on its financial troubles in L.A. and China where the company is based.

China Oceanwide said it has received letters of intent from several potential purchasers of its three-tower Oceanwide Plaza development at 1100-1198 S. Flower St. adjacent Crypto.com Arena, according to a March 31 filing to the Hong Kong Stock Exchange. The developer has no definitive agreement to sell Oceanwide Plaza, but said it expects the property's disposition to occur by the end of 2023.

The developer has said for months that it had been negotiating with buyers and other potential investors in order to restart the Los Angeles building's construction. However, China Oceanwide said in the filing it now needed to sell the L.A. project in order to retake control of other properties it may lose to lenders in Shanghai. China Oceanwide hopes the L.A. sale will pay back any debts it owes on the L.A. project and will allow it to settle lawsuits related to the development.

"Having considered the impact of the disposal of the Shanghai Properties on the Group’s revenue, the Group is actively negotiating to dispose of the LA Project to repay the loans involved, so that the Group can regain the control over the Shanghai Properties and consolidate the financial results of the companies indirectly holding the Shanghai Properties into the financial statements of the Group again," according to the filing.

China Oceanwide and its related companies have run into a string of financial difficulties in recent years. In January, Beijing-based developer Oceanwide Holdings, which is related to China Oceanwide, faced a lawsuit from major Chinese bank China Minsheng Bank for failing to repay loans valued at more than $1 billion.

In Los Angeles, China Oceanwide halted construction on Oceanwide Plaza in October 2020 due to the developer running out of cash and the project's contractor terminating its contract. Construction hasn't restarted due to lack of cash. Building began in the second half of 2014.

Oceanwide Plaza was expected to feature upscale condominiums, a five-star hotel, a shopping mall and the largest LED signage on the West Coast.

[zonedgreg]

So if Oceanwide sells by end of year... it feels like it's almost topped out so maybe 85% there.. so maybe by end of 2024 the new owner would have finished it and it'll be open???

[craigs]

Originally Posted by zonedgreg

China Oceanwide Wants To Sell Los Angeles Tower To Retain Shanghai Properties
Cash-strapped Developer Says It’s Negotiating With a Purchaser for Oceanwide Plaza
A rendering of Oceanwide Plaza, an unfinished three-tower project in downtown Los Angeles that started construction in 2014. (CoStar)
A rendering of Oceanwide Plaza, an unfinished three-tower project in downtown Los Angeles that started construction in 2014. (CoStar)
By Jack Witthaus
CoStar News

April 5, 2023 | 4:29 P.M.
The developer of an unfinished mixed-use project in downtown Los Angeles says it hopes to sell its development this year to get a grip on its financial troubles in L.A. and China where the company is based.

China Oceanwide said it has received letters of intent from several potential purchasers of its three-tower Oceanwide Plaza development at 1100-1198 S. Flower St. adjacent Crypto.com Arena, according to a March 31 filing to the Hong Kong Stock Exchange. The developer has no definitive agreement to sell Oceanwide Plaza, but said it expects the property's disposition to occur by the end of 2023.

The developer has said for months that it had been negotiating with buyers and other potential investors in order to restart the Los Angeles building's construction. However, China Oceanwide said in the filing it now needed to sell the L.A. project in order to retake control of other properties it may lose to lenders in Shanghai. China Oceanwide hopes the L.A. sale will pay back any debts it owes on the L.A. project and will allow it to settle lawsuits related to the development.

"Having considered the impact of the disposal of the Shanghai Properties on the Group’s revenue, the Group is actively negotiating to dispose of the LA Project to repay the loans involved, so that the Group can regain the control over the Shanghai Properties and consolidate the financial results of the companies indirectly holding the Shanghai Properties into the financial statements of the Group again," according to the filing.

China Oceanwide and its related companies have run into a string of financial difficulties in recent years. In January, Beijing-based developer Oceanwide Holdings, which is related to China Oceanwide, faced a lawsuit from major Chinese bank China Minsheng Bank for failing to repay loans valued at more than $1 billion.

In Los Angeles, China Oceanwide halted construction on Oceanwide Plaza in October 2020 due to the developer running out of cash and the project's contractor terminating its contract. Construction hasn't restarted due to lack of cash. Building began in the second half of 2014.

Oceanwide Plaza was expected to feature upscale condominiums, a five-star hotel, a shopping mall and the largest LED signage on the West Coast.

A lot of us figured nothing would happen at Oceanwide Plaza until it got sold--here's hoping the sale goes through smoothly and quickly.

[colemonkee]

Welcome to the forum, HusBy! Looking forward to those pictures!

The second-to-last paragraph on the Oceanwide article is crazy and telling at the same time: this project has been under construction for nearly a decade, coming up on 9 years in the 2nd half of 2023. I, too, look forward to that sale closing, but I'll believe it when I see it. Oceanwide isn't in a very good negotiating position, and most of the buyers know this. So while Oceanwide is trying to extract as much value as they can, any prospective buyer is only incentivized to wait things out, wait for their position to get even worse, then pounce.

[craigs]

Originally Posted by colemonkee

Welcome to the forum, HusBy! Looking forward to those pictures!

The second-to-last paragraph on the Oceanwide article is crazy and telling at the same time: this project has been under construction for nearly a decade, coming up on 9 years in the 2nd half of 2023. I, too, look forward to that sale closing, but I'll believe it when I see it. Oceanwide isn't in a very good negotiating position, and most of the buyers know this. So while Oceanwide is trying to extract as much value as they can, any prospective buyer is only incentivized to wait things out, wait for their position to get even worse, then pounce.

That's a risky game for potential buyers to play, though, if they wait so long that the parent company declares bankruptcy. At that point, it could take many additional years to buy the downtown LA property.

[citywatch]

Not sure if an updated rendering of this proj has been posted, but it shows how stripped down the area around the new concert hall bldg will be. The 2nd st feeder detour from Hill St to the top of the hill remains & also the little parking lot to its south. All because the LA city engineering dept apparently thinks the prevous plan to remove the feeder street would jeopardize the 2nd st tunnel. If so, removing the asphalt of the feeder street & parking lot would be structural dangerous?

In Los Angeles, the Colburn School is about to break ground for a 100,000-square-foot campus expansion, designed by no less than Frank Gehry and slated to open in the fall of 2026. The new Colburn Center building, across the street from the school’s main campus, will include a 1,000-seat concert hall, professional-sized dance studios, a flexible 100-seat studio theater, commercial-quality recording and streaming capabilities, and green spaces, many of them publicly accessible.

this previous version was already downsized from the original more expensive plan....


therealdeal.com

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