DTLA Developers Have a “Responsibility” to Create Character

Oceanwide Plaza is a massive mixed-use project adjacent to the Staples Center and L.A. LIVE.

LOS ANGELES—There are plenty of new developments rising from parking lot rubble in Downtown Los Angeles, each more beautiful than the last. Chinese developer Oceanwide Holdings says that its $1 billion Oceanwide Plaza, a retail, hotel and residential mixed-use complex, will be one of “the most significant” new developments in the submarket. The developer says that it has a “responsibility” to create quality projects in the submarket that will help build the character of the flourishing market.

“It has always been our intention to bring a new standard of urban living to the community by creating a prominent city center,” Thomas Feng, CEO of Oceanwide Plaza LLC, an affiliate of Oceanwide Holdings, tells GlobeSt.com. “While the climate for new development is extremely welcoming in downtown Los Angeles, it also comes with a certain level of responsibility to maintain the character of the existing surroundings. We characterize this project as the “most significant,” because it will be unequaled not only in scale but in its ability to draw the world’s attention back to downtown Los Angeles, while simultaneously introducing Oceanwide Holdings as a developer to the North American market.”