1100 S Figueroa St, Los Angeles, CA 90015
After a brief standstill, Oceanwide Plaza is again under construction in Downtown’s South Park neighborhood between L.A. Live / Staples Center and the Flower Street Lofts. The $900 million mega project mixed-use development brings tremendous commercial space and hundreds of residential condominium units atop more than 1,440 parking spaces.
Construction giant Lend Lease has entered into a US$814 million contract with Chinese developer Oceanwide to build a mixed-use complex in Los Angeles, adding a significant project to its workbook in southern California.
Oceanwide Plaza, a subsidiary of the Hong Kong-listed China Oceanwide Holdings, is developing the large-scale mixed-use complex consisting residential properties, hotel and shopping centres with a total gross area of about 138,249sq m in downtown LA.
The existing neighbors across the street at Flower Street Lofts have expressed concerns about the new behemoth building that will be blocking the sunset views and sights of L.A Live. The developer changed plans to make the Flower Street side of Oceanwide Plaza less of a loading dock area, and more of an attracive retail face, more open and accessible on Flower Street.
The Australian, a news publication, recently reported on Oceanside Plaza as a Huge LA deal for an Australian builder named Lend Lease. Construction giant Lend Lease has entered into a $US814 million contract with Chinese developer Oceanwide to build a mixed-use retail and residential complex in Los Angeles.
Oceanwide Plaza, a subsidiary of the Hong Kong-listed China Oceanwide Holdings, is creating the large-scale mixed-use complex that will consist of residential condominiums, hotel and retail shopping areas.
The two companies have entered into a contract to build the complex, also known as Oceanwide Plaza, according to a stock exchange filing by China Oceanwide.
The project is Oceanwide’s first overseas development. They plan for three huge towers over a large podium on a 4.6 acre site.
The 49-story north tower will be a five-star luxury hotel with 183 rooms and 164 condominium units. The other two twin towers, each 40 stories high, will become 340 luxury condo units. The podium of eight levels of retail and parking with over 1,440 parking spaces will ensure that all of the residential units will have a great view.
The tower 1 concrete foundation pour has been completed.
Lendlease, an international property and infrastructure company, has announced the completion of the initial mat foundation pour for the Oceanwide Plaza development in Downtown Los Angeles. This milestone will allow for vertical construction of the project to begin.
See how 18,000 truckloads of concrete are being poured:
The initial pour was completed March 26th, one of the largest construction mat pours in the Los Angeles history. Crews from Lendlease worked with 700 concrete trucks to pour 7,000 cubic yards of concrete over 700 tons of rebar.
The full foundation will be completed in four phases, consisting of more than 25,900 cubic yards of concrete and six-million pounds of rebar. >> MORE
New home prices have net yet been released, but the L.A. Loft Blog is providing guidance in the form of estimated asking amount based on the current market and projections for 2017/2018. South Park luxury condominium tower studios are expected to start in the $700,000s, 1 bedrooms in the $900,000s and 2 bedrooms around $1,100,000. Actual prices will vary based on supply and demand.
Prospective Downtown home buyers are encouraged to take advantage early of free home buyer protection with no obligation to buy. This can help the buyer negotiate a better deal by placing the buyer’s interested above the seller’s interests. It can often allow home buyers to see unlisted units that are not on the developer’s public list. Developers require home buyers to sign up for any desired free home buyer protection early before seeing the properties. With no obligation to buy, some of these free home buyer protection programs offer guaranteed savings, such as the free Save 25 Grand certificate at www.Save25Grand.com.
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Copyright © 2016 This free information provided courtesy L.A. Loft Blog and LAcondoInfo.com with information provided by Corey Chambers, Realty Source Inc, BRE#01889449 We are not associated with the homeowner’s association, seller or developer. For more information, contact (213) 880-9910 or visit LAcondoInfo.com Licensed in California. All information provided is deemed reliable but is not guaranteed and should be independently verified. Properties subject to prior sale or rental. This is not a solicitation if buyer or seller is already under contract with another broker.