We are oh so curious about the $1 billion dollar Oceanwide Plaza project on Figueroa in South Park, Downtown Los Angeles. Those cranes have been going strong and last we heard, it would be a mixed use complex like LA Live with a hotel branded by Roberto Cavalli.
Many thought that was an interesting brand choice and seems the powers-that-be ended up thinking the same. Cavalli has since been scrapped and for about a year now it’s been a mystery what the new hotel would be. Well, wait no more. We’ve recently learned the Oceanwide Plaza project will be 504 condos and retail attached to a Park Hyatt hotel.
Now, if you’re like us, we aren’t too familiar with this hotel chain. In fact, there are only 6 of these hotels worldwide and it’s the 5-Star branch of Hyatt. Their chief says they have been very selective in choosing their new location and they feel South Park is a great fit. Apparently, they had tried the hotel in Century City and it is now the Intercontinental.
Anyhow, looks like the project is coming along and some of its starry features will include a 2 acre outdoor space, an open air galleria and a 700 Foot Exterior LED Ribbon. Sounds very Vegas-esque. Set to debut in early 2019, should be a nice addition to the booming South Park neighborhood & a great location across the street from Staples Center, The Ritz-Carlton & LA Live. Be sure to stay in touch with The Property Lab for sales updates.
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