[IMGCAP(1)]CENTURY CITY, CA-A partnership of Los Angeles-based real estate investor Michael Rosenfeld’s Next Century Associates and an entity of the D.E. Shaw Group has unveiled plans for a $2 billion mixed-use project on the site of the Century Plaza hotel. The project would create more than 1.4 million square feet of new development in the form of a 240-room hotel and 163 hotel residences, 130 luxury condos, 100,000 square feet of office space and 106,000 square feet of retail shops and restaurants, a spa and a fitness center.

The developers would raze the Century Plaza to make way for the new construction, which would be developed on the 5.75-acre Century Plaza hotel site at 2025 Avenue of the Stars. Plans call for the property to continue to operate as a Hyatt Regency hotel.

A joint venture of Next Century and the D. E. Shaw group, which is a global investment firm with its US headquarters in New York City, bought the 726-room Century Plaza hotel in May this year from Orange County-based Sunstone Hotel Investors for $366.5 million. The developers estimate that securing entitlements for the project would take about three years, meaning that construction would be completed at a time by which the commercial real estate markets are expected to have recovered.

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