A Peek Inside $2.5B Century City Development

LOS ANGELES—Next Century Partners revealed its plans for the $2.5 billion renovation of the Century Plaza at an unveiling event on Thursday night. Upon completion, Century Plaza will become the largest mixed-use property in Los Angeles, with a 400-room five-star hotel managed by Fairmont Hotels and Resorts, two 46-story glass residential towers and retail space.

In addition to unveiling Fairmont Hotels and Resorts as the hotel operator, the developer also revealed a 23-foot-tall public sculpture by Spanish artist Jaume Plensa, which will be on display at the hotel.

This has been a long-awaited redevelopment project. It was announced more than a year ago, and then, last summer, the developer secured $1 billion in financing. Additional financing includes construction financing this week from a consortium led by a $446 million senior loan from J.P. Morgan Chase, $120 million mezzanine financing from an investment vehicle managed by Colony Capital and $450 million of EB-5 financing provided by CMB Export LLC Regional Center. Construction has already begun on the project.

In honor of the mega project, the developer hosted a huge event, which included a multimedia show by artist Obscura Digital, which is known for its light show at the Sydney Opera House. Guests dined on food from top-tier L.A. restaurants, including Mozza Pizzeria, Wexlers and desserts by Sprinkles.

Century Plaza was originally developed in the 1960s by architect Minoru Yamasaki, who also designed New York City's World Trade Center and Madrid's Torre Picasso. Many, including Michael Rosenfeld of Next Century Partners, consider the building to be a Los Angeles icon. Rosenfeld said at the event that they took on the challenge of redeveloping the site “with great responsibility,” adding that he thinks the project will have a major impact on Los Angeles.

LOS ANGELES—Next Century Partners revealed its plans for the $2.5 billion renovation of the Century Plaza at an unveiling event on Thursday night. Upon completion, Century Plaza will become the largest mixed-use property in Los Angeles, with a 400-room five-star hotel managed by Fairmont Hotels and Resorts, two 46-story glass residential towers and retail space.

In addition to unveiling Fairmont Hotels and Resorts as the hotel operator, the developer also revealed a 23-foot-tall public sculpture by Spanish artist Jaume Plensa, which will be on display at the hotel.

This has been a long-awaited redevelopment project. It was announced more than a year ago, and then, last summer, the developer secured $1 billion in financing. Additional financing includes construction financing this week from a consortium led by a $446 million senior loan from J.P. Morgan Chase, $120 million mezzanine financing from an investment vehicle managed by Colony Capital and $450 million of EB-5 financing provided by CMB Export LLC Regional Center. Construction has already begun on the project.

In honor of the mega project, the developer hosted a huge event, which included a multimedia show by artist Obscura Digital, which is known for its light show at the Sydney Opera House. Guests dined on food from top-tier L.A. restaurants, including Mozza Pizzeria, Wexlers and desserts by Sprinkles.

Century Plaza was originally developed in the 1960s by architect Minoru Yamasaki, who also designed New York City's World Trade Center and Madrid's Torre Picasso. Many, including Michael Rosenfeld of Next Century Partners, consider the building to be a Los Angeles icon. Rosenfeld said at the event that they took on the challenge of redeveloping the site “with great responsibility,” adding that he thinks the project will have a major impact on Los Angeles.