I wouldn't worry about the project shrinking.
Oceanwide Group has
finally started working on construction permits with LADBS, and it looks like they're going forward with the exact same project as before.
Two towers (53 stories and 38 stories), eight-story podium, ground floor retail, restaurant, health club. Massive ten-level parking garage (three floors below grade).
Some other vague information we've seen does indicate that they're going to build the project in two phases though. So perhaps the $320 million is only intended for one of the two buildings.