Key Players Dish On Downtown's $1B Oceanwide Plaza
More than 660 commercial real estate pros gathered in Downtown LA last week for Bisnow's State of the Market. Among the treats was an inside look at the $1B Oceanwide Plaza project.
The mega-project from China's Oceanwide Real Estate Group is just east of Staples Center at 1101 S Flower St and will include a five-star hotel with 183 rooms, 504 units of high-end residences and retail with an internal galleria.
The panel discussing the project was moderated by South Park BID executive director Jessica Lall, and included some of the project's key players: Kennedy Wilson executive managing director Ed Sachse; Kennedy Wilson senior associate Justin Weiss; RTKL senior associate VP Mark Nay; and RTKL SVP Daun St. Amand.
Just recently, new renderings were released for the retail portion of the project, which Daun described as the glue that holds all the components together.
Justin says Oceanwide Plaza has a really unique place in downtown, attracting mid-range retail to approachable luxury retail.
Much like a lot of Downtown development, Ed says the project will be pedestrian-friendly, including several public paseos.
Mark says what makes Oceanwide Plaza different from other projects downtown is that it's adjacent to many of the area's entertainment options, and it's a site that won't be blocked by future development.
He called it the project of a lifetime.
The development, which is on a 4.6-acre site, is expected to be completed by 2018.