Downtown LA Mixed-Use Pipeline Booming
Central City Association Welcomes Skyline Changing Projects Like Metropolis, Circa and Oceanwide Plaza | by Karen Jordan, CoStar
The $1 billion, mixed-use development project at Oceanwide Plaza will include luxury residential, an open-air galleria with retail and restaurant space, and the first Park Hyatt Hotel and Residences on the West Coast.
Three developments currently under construction aim to bring new multifamily offerings to downtown L.A. Work on the $1 billion Metropolis development is picking up steam as its R2 residential tower and mid-rise building are on target for completion late next year. The 40-story tower is being built by Webcor.
The R3 residential tower, a 26-story mid-rise and 56-story high-rise are being constructed by Penta and Pankow Builders, according to Roy Reel, business development executive with Harley Ellis Devereaux. Those towers are scheduled to be finished in 2019.
Metropolis, which is being built on a six-acre site, has approximately 1,200 units with 500 units in R2 and 700 units in R3, according to Reel. There is also 70,000 square feet of retail.
Metropolis’ Phase One tower opened about two months ago around the same time as the 350-room, 19-story Hotel Indigo at 899 Francisco St. in downtown Los Angeles.
Just blocks away, the $500 million Circa, a twin, 35-story development, is also set to change the downtown skyline.
“HED’s entire Circa team worked diligently on this complicated development for four years and deserves great credit for their patience and persistence,” noted Reel.
The 648-unit project is being built by Harley Ellis Devereaux, Hankey Investment Company and Jamison Services. It is scheduled to be completed next April.
Many downtown advocates are welcoming the abundance of these projects to downtown L.A.
“[They] will enhance downtown’s vibrancy by creating more jobs, adding housing units for our growing residential population and increasing the number of hotel rooms for tourists and convention attendees,” said Jessica Lall, president and CEO of the Central City Association.
The organization, which represents 400 businesses, trade associations and non-profits employing more than 350,000 people in Los Angeles County, aims to increase investment downtown.
“These skyline-altering projects will attract new businesses, support retailers and entertainment venues and continue to build a strong downtown community,” said Lall.
The under construction Oceanwide Plaza, a $1 billion project, is another nearby project. It will include the first Park Hyatt Hotel and residences location on the West Coast, according to Thomas Feng, Oceanwide Plaza CEO.
The property will also have a huge 700-foot, ribbon-shaped LED signage that will wrap the perimeter of the building and a 166,000-square-foot, open-air galleria featuring retail and restaurants spanning a city block.
“The project will bring to life a new standard of luxury living with never-before-seen amenities and five-star service appealing to local and international buyers alike,” said Feng. “By offering a unique two-acre sky park, a new elevated level of resort-style living with the Park Hyatt brand and direct access to a prominent city center with carefully curated retail, restaurants and entertainment options, Oceanwide Plaza will serve as an oasis from the bustling energy of downtown.
Oceanwide Plaza marks the first development in North America by Oceanwide Holdings. It is scheduled to open in 2019.
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