City Planning Commission Approves Hyatt Regency Century Plaza Hotel Redevelopment
- Sep 17, 2012
The efforts of area homeowners, conservation groups and local officials who have championed the Hyatt Regency Century Plaza Hotel’s redevelopment plan have been rewarded. The Los Angeles City Planning Commission recently approved developer Next Century Associates’ comprehensive proposal to turn the hotel they own into a new focal point for Century City.
Next Century Associates is an entity created through the partnering of Woodbridge Capital Partners with funds managed by Oaktree Capital Management L.P. Funds were previously supplied by D.E. Shaw, which was replaced by Oaktree in 2011.
The project planned for the Hyatt Regency Century Plaza redevelopment calls for 1.5 million square feet of mixed-use space to be constructed on a six-acre site that will include a fully renovated 394-key hotel, as well as 63 residences. Two 46-story residential towers designed by Pei Cobb Freed will comprise the residential component of the redevelopment initiative. Retail construction with shops and restaurant spaces totaling 100,000 square feet will also be constructed. Two acres of public open space featuring fountains and courtyards will tie the Next Century project together.
According to Michael Rosenfeld, managing partner of Next Century, the redevelopment of the Hyatt Regency Century Plaza Hotel will “create a pedestrian friendly, transportation oriented, sustainable mixed-use project that will serve the entire community, connect the elements of Century City and bring economic growth and jobs to Los Angeles.”
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