Oceanwide Plaza is aiming to be the brightest star among the development projects rising in Downtown Los Angeles. The $1 billion project is breaking barriers and setting records with features like a 850-foot LED screen, which will be the largest in the US and the third largest in the world, and a 100-foot, two-acre sky park. Oceanwide Plaza has also feature the first Park Hyatt-branded residences on the West Coast. The Park Hyatt will offer 164 luxury half-floor and duplex residences and penthouses, ranging in size from one to three bedrooms.
“Oceanwide Plaza will completely transform the downtown Los Angeles neighborhood of South Park as it is the most significant mixed-use development in the area’s history,” Thomas Feng, CEO of Oceanwide Plaza, tells GlobeSt.com. “Not only will it reshape the Los Angeles skyline with downtown Los Angeles’ tallest residential building, Oceanwide Plaza will also infuse renewed energy to the city’s sports and entertainment district with 504 residences, 184 hotel rooms and a 153,000 square foot of leasable space including open air galleria featuring a collection of curated retail and restaurants. Future downtown Los Angeles residents will be able to take full advantage of everything at their fingertips, while finding a place above it all where they can escape. Oceanwide Plaza will also have a significant impact on economic growth for the city of Los Angeles with the creation of approximately 9,000 jobs over from start to completion.”
Currently, interior design is underway. “From its’ conceptualization, Oceanwide Plaza’s vision has been to offer a luxury, multi-use experience unlike anything currently offered in Southern California and to further transform the already vibrant South Park community to be downtown Los Angeles’ newest urban destination,” says Feng. “Both the interior and exterior architectural design is conceptualized by CRTKL and the Park Hyatt Los Angeles Residences and Park Hyatt Los Angeles interiors, designed by Studio Munge, will encapsulate this vibrancy through effortlessly elegant, contemporary, and inviting spaces with discovery around every corner.”
The massive LED screen will be a major driver of value at the project, according to Feng, and will help to drive activity. Feng adds that the screen is a rare feature for a commercial real estate project. “The LED screen will wrap the towers’ lifestyle plaza and will be the third largest LED screen in the world,” he explains. “Utilizing this technology to showcase enticing displays of art and visual effects will leave a stand-alone wow factor and create a bold statement that we feel will be appealing to owners and visitors alike. Within the industry, developments utilizing digital displays is a growing trend, but few have taken it to the level that Oceanwide Plaza will.”
The project is nearing completion. It topped off in April of last year and is now finalizing the property. Still, the market will have to wait another year before stepping inside. “Since breaking ground in March 2015 and topping off in April 2018, Oceanwide Plaza’s primary focus is finalizing interior construction and retail space. With more than 1,000 construction team members on-site every day, the development is buzzing with activity as we hit the ground running in 2019,” says Feng. “As construction continues, Oceanwide Plaza plans to launch sales this year and release exciting news regarding brand and retail partnerships. Completion is currently slated for 2020.”