LOS ANGELES | Oceanwide Plaza | 677' - 49 FLOORS | 2X - 530' - 40 FLOORS | ON HOLD

[Zerton]

I like the white structural frame and how the curving balconies sort of form a spine. Iconic touch.

[caligrad]

Originally Posted by Pedestrian

It wasn't rushed. It was probably just wrong. The engineers believed that friction piles and a very thick mat foundation was sufficient and they were probably wrong. It should be noted that the group that constructed this tower, Millennium partners, "has created an unparalleled portfolio of core, urban, mixed-use properties in America's great gateway cities (including NYC), for more than two decades". It was niether a California outfit nor an inexperienced one.

But the Millennium Tower HOA alleges the excavation of the Salesforce Transit Center nextdoor undermined the foundation of their building and the matter hasn't yet been sorted out via multiple lawsuits.

At the end of the day it was still rushed. Meaning, it was built on soft sediment/landfill. Piles didn't go all the way down to bedrock. Doesn't matter how long Millennium partners have been in business, long lasting corporations can make mistakes here and there, Sears, JCpenny, even Toyota a few years ago. And again " Excavation of salesforce next door undermined the foundation" because apparently its common for buildings to lean and sink when a new building next door begins excavation and construction ? It should have been built right the first time.

[Tiorted9]

construction restarting, even with liens at almost 100M.

https://la.curbed.com/2019/3/21/1827...struction-debt

[Just-In-Cali]

It Lives!!!! (From my post on the Downtown thread)

From UrbanizeLA

Oceanwide Plaza Shows Signs of Life
https://urbanize.la/post/oceanwide-p...ows-signs-life

Despite its well-documented struggles, signs or progress are now clearly visible at the beleagured Oceanwide Plaza development in Downtown Los Angeles.

The project, which spans a full city block across the street from Staples Center, consists of three towers which will contain 504 condominiums, a 184-room hotel, and a 150,000-square-foot retail podium. The CallisonRTKL-designed development will be wrapped by an LED ribbon stretching the full block of Figueroa Street between 11th and 12th Streets.

Work at Oceanwide Plaza came to an abrupt halt in January 2019, not long after the project became embroiled in an FBI corruption probe of Los Angeles city officials. This followed months of rumored cost overruns that had seen Oceanwide blow past its original $1 billion budget.

Current activities at the site are limited to its largest building, a 49-story edifice 11th and Figueroa Streets which will house a Park Hyatt hotel and branded condominiums. In recent weeks, crews have started assembling the frame of the tower's architectural crown, which will be illuminated at night. Additionally, metal structures have been installed at the building's podium to support the proposed LED screen.

A timeline for completion of the hotel tower, as well as the two condo buildings and retail podium, remains unclear.

With that part of the crown/parapet in place, that brings the tower to its final reported height of 677'.
This thing being completed will be a game changer in South Park.

[Urbannizer]

South Park by HunterKerhart.com, on Flickr

[homebucket]

Any updates on this project?

[Barney Greengrass]

Sober and utilitarian design, but in a complimentary, refined way. It has a very impactful affect on DTLA skyline for sure.

[homebucket]

We have an update. Unfortunately, it's looking bleak.

L.A.’s $1 Billion Trophy Tower Halted as China Pulls Back

Edvard Pettersson
Bloomberg October 30, 2019

(Bloomberg) -- It’s meant to be one of the crown jewels of downtown Los Angeles’ urban renaissance but now it’s in limbo -- plagued by lawsuits from subcontractors, and victim of an ongoing trade dispute between China and the U.S. and a Beijing crackdown on credit and capital flight.

Construction has largely stalled at the three towers of Oceanwide Plaza across from Staples Center where the NBA’s Lakers and Clippers and the NHL’s Kings play their home games.

On a recent Friday afternoon, no workers or vehicles entered the construction site, which takes up a city block and towers over Figueroa Street. A few security guards manning an entrance insisted that work was going on, yet no activity was visible from the outside.

The developer, Beijing-based Oceanwide Holdings Co., offered few details on the future of the $1 billion-plus project -- other than to insist that it has financing and work is continuing. The lawsuits by unpaid subcontractors, on the other hand, give a glimpse of the developer’s struggle to come up with needed money to finish the project.

https://finance.yahoo.com/news/l-1-b...040000137.html

[caligrad]

Yet again. Our best bet is to hope they sell to someone else to finish the job.

[kolchak]

Well I went a read this thread and now I'm more confused about this project. I don't understand how Oceanwide can claim financing is there and not be moving forward with this. I'm starting to think the project has deeeper problems than just a trade war and even the lean. Sadly i'm starting to realize this could sit unfinished for a long time

[CaliNative]

Buildings his far along are almost certain to be completed, especially a high profile project across from Staples/L.A. Live. Too much at stake. It may not be completed by the Chinese group, but someone will do it. May be delayed a bit though. But it will be done. Maybe they should finish the taller tower first, plus the wrap around video sign. Finish the smaller towers later.

[Zapatan]

Well at least they've already made their mark on the skyline, it'd be nice to see the cranes removed or completed cladding regardless of if they're occupied or not in the near future.

[pwright1]

[Niftybox]

I guess one caveat of this project dragging on, with those 3 cranes it makes LA look like it's in a perpetual building boom.

[LAsam]

Could this project please get sold to another developer so it can be finished? Seeing this so far along, and completely at a standstill, is painful...

[Yackemflaber69]

I took this photo

[Yackemflaber69]

I took this photo

[craigs]

From nmkef's photo update:

[Scotchman]

My first post.

I found these two articles. Essentially the same, but seemingly worded slightly differently.

This one asks for a subscription, but I was able to click through some hoops:

https://therealdeal.com/la/2021/10/2...wells-to-2-3b/

This one without a subscription:

https://newsofamerica.org/2021/10/29...o-2-3-billion/

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Oceanwide’s LA tab grows to $2.3B

China-based developer of stalled project on Downtown skyline pegs December 2022 finish amid talk of fire sale

Los Angeles

October 29, 2021 12:44 PM

By Isabella Farr

Oceanwide, one of the largest real estate conglomerates in China, isn’t expecting to finish its Los Angeles flagship anytime soon –– or at anywhere near the price it first put on the project.

The Shenzhen-based firm said it’s estimating the currently stalled Oceanwide Plaza won’t be completed until December 2022. It has also indicated it plans to spend a total of $2.3 billion on the project, according to financial filings analyzed by The Real Deal.

and it continues...

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I live in the neighborhood, so this is really the only subject I follow on here -- plus South Park development.

[chris08876]

Oceanwide Wants to Restart Massive Half-Built Development in LA

The massive multibillion-dollar Oceanwide Plaza development abruptly stopped rising in early 2019 just as it was becoming the newest mark on the skyline of Downtown Los Angeles. With tall cranes hanging motionless above the development for years, the project has become the subject of lawsuits and a source of unpaid debts.

Now, citing an interim results report from Oceanwide Holdings, Urbanize reported that the Beijing-based developer is rekindling fundraising efforts and now hopes to restart construction in 2023, and could complete work by 2025. That includes the 2 million-square-foot condo, hotel and apartment development taking up a full block adjacent to Crypto.com Arena (formerly Staples Center) and L.A. Live.

But there is the issue of money. The interim report details lenders and construction firms filing claims for failure to pay outstanding sums since the project stalled, and Oceanwide Holdings would need to raise another $2.3 billion to finish construction of Oceanwide Plaza after already spending $1.2 billion to get to where it was in 2019, Urbanize reported. There’s also the issue of financing with rising interest rates and construction costs.

But the company indicated in the report that it is in negotiations to complete construction and pay off all debts. The project calls for 504 condominiums, a 184-room Park Hyatt hotel, and 150,000 square feet of retail space on the block bounded by Figueroa, Flower, 11th and 12th streets, per Urbanize. The physical structures and curtain walls of the three main towers are the only elements of the project left to be completed.

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https://commercialobserver.com/2022/...lopment-in-la/