Woodbridge Capital Partners, Oaktree Capital Management to Redevelop Century Plaza Hotel
By Alex Girda, Associate Editor
L.A.’s Century Plaza Hotel has been a staple of Century City, and now it will propel its iconic look into a new century with a recently approved redevelopment project. Next Century Associates, the entity in charge of a proposed $2 billion makeover plan for the site, recently got a unanimous go-ahead from the Los Angeles City Council for its ambitious initiative. The project is the result of a collaboration between conservation groups, homeowners, developer Next Century Associates and local authorities.
The current owner of Hyatt Regency Century Plaza Hotel is planning to develop 1.5 million square feet of mixed-use space on the six-acre adjacent site. Next Century Associates is a partnership created between Woodbridge Capital Partners and fund manager Oaktree Capital Management L.P.
The project calls for a two-tower residential complex that will also feature a 100,000 square-foot plaza including retail space and a dining area. Two acres of land would be transformed into public open space with fountains and courtyards. Pei Cobb Freed’s project design also includes the restoration of Century Plaza Hotel’s iconic arched building. The end result will be a development comprising 394 hotel rooms and 63 high-end residential units.
Construction at the Avenue of the Stars and Constellation Boulevard site would ideally start at the beginning of 2014 and would connect an area of approximately 10 million square feet, including attractions such as the Westfield Century City Mall. The area will benefit in the future from a metro station on the upcoming Westside subway line.
Image courtesy of user Minnaert via Wikimedia Commons