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.”

Oceanwide Plaza will accomplish this by bringing a quality amenity base to the market, including boutique shops, a five-star hotel and luxury residences. If live-work-play is the goal, this project brings live and play to one of the most vibrant job centers in the market. “The South Park neighborhood will benefit from the convenience of a collection of curated retailers and restaurants and our future residents will be able to take full advantage of everything at their fingertips,” says Feng. “'Leading urban lifestyle' is the motto of our parent company, Oceanwide Holdings, and represents our goal to continue to build new projects. We have always seen the potential of downtown Los Angeles for development, most notably with the saturation of rental properties indicating a need for more residential units.”

Feng adds that in addition to bringing amenities to the market, it will also serve as an economic driver, creating 9,000 jobs over the duration of the project.

Instant Insights /

DTLA Developers Have a “Responsibility” to Create Character

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