LOS ANGELES—Oceanwide Plaza LLC has revealed plans for its eponymous $1 billion mixed-use project in Downtown Los Angeles. It has called the project the “most significant” development in the market. It will feature a five-star Park Hyatt hotel, curated retailers and restaurants and high-end residences. Oceanwide Plaza LLC is a subsidy of Oceanwide Holdings, a Chinese developer. This is its first US project.

“Our vision for Oceanwide Plaza is to introduce a world-class entertainment destination that is authentic and reflective of the local culture of Los Angeles that will result in a vibrant, unprecedented experience for our guests, be they a lifelong Angeleno or an international traveler,” Thomas Feng, CEO of Oceanwide Plaza LLC, tells GlobeSt.com. “That said, we are consciously building Oceanwide Plaza to be on par with the world's finest mixed-use communities. The nearly 700 feet of ribbon-shaped LED signage along Figueroa Street will wrap the generous lifestyle center as the character-defining hallmark of Oceanwide Plaza, offering a serene, nearly suburban experience in an urbanized environment.”

The property is in the South Park neighborhood, adjacent to the Staples Center and L.A. LIVE—and it is massive. It will feature three residential towers totaling 504 units, a seven-story lifestyle podium with a 166,000-square-foot open-air galleria, which will house the project's retail component, and a 184-room hotel in a separate tower. The property is of course fully amenitized, with full concierge services, a private amenity deck and a two-acre outdoor sanctuary. CallisonRTKL is designing the retail and hotel at the property. It is scheduled to open in 2019, although leasing efforts for the retail portion, which will the called the Collection at Oceanwide Plaza, have already started.

As the developer's first US project, Oceanwide Plaza is a likely a long-term hold the developer, which is looking for more opportunities to invest here. “Our long-term business plan in the U.S. is all about continuing to develop and operate multiple products in both mixed-use and residential,” says Feng. “We began the Oceanwide Plaza project by fully immersing ourselves in what it means to be in downtown Los Angeles today and envisioning what it will mean in the future, when our project and others are completed. We are deeply invested in the community and will continue to build our portfolio and expand our global investment.”

Instant Insights /

Oceanwide Reveals Plans for Its $1B DTLA Project

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