As part of a billion-dollar mixed-use development called Oceanwide Plaza, three luxury residential skyscrapers will be built in downtown Los Angeles, one of which, topping out at 676 feet, is poised to become the tallest residential tower in the California city, according to the developer China’s Oceanwide Holdings.
Located directly adjacent to the Staples Center and the L.A. Live entertainment complex, Oceanwide Plaza will include a new five-star Park Hyatt hotel as well as a seven-story podium anchored by an approximately 166,000-square-foot open-air galleria, creating a central destination for shopping, dining and entertainment.
The project "will magnificently reshape Downtown Los Angeles, which is in the midst of an urban renaissance," said Thomas Feng, CEO of Oceanwide Plaza LLC, the U.S. subsidiary of Oceanwide Holdings.
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The three towers will offer 504 contemporary residences altogether; most will feature two-bedroom layouts with a private balcony. The design will be a departure from the standardized glass curtain and masonry architecture of downtown Los Angeles, instead introducing a sleek white and grey design, Mr. Feng said.
Residents will enjoy full concierge services, private parking, along with an array of indoor and outdoor amenities, including a 8,000-square-foot deck with a 400-meter running track and three swimming pools.
According to Mr. Feng, Oceanwide purchased the 4.6-acre lot in 2013. Construction broke ground last March and is slated for completion in early 2019. A sales gallery is scheduled to open in late 2018.
Although it is too early to release pricing, Oceanwide said it is looking at $1,200 to $1,300 per square foot, about 20% higher than comparable luxury buildings in downtown L.A.
Oceanwide Holdings is one of the largest conglomerates in China, engaged in real estate, finance, energy, education and media industries. It has another six real estate projects in the U.S., spreading from Hawaii to New York.
Write to Fang Block at fang.block@dowjones.com