LOS ANGELES | Oceanwide Plaza | 677' - 49 FLOORS | 2X - 530' - 40 FLOORS | ON HOLD

[CastleScott]

^ Great pics and nice update!!

[Urbannizer]

Oceanwide Plaza by HunterKerhart.com, on Flickr


Oceanwide Plaza by HunterKerhart.com, on Flickr


Oceanwide Plaza & Circa by HunterKerhart.com, on Flickr

[Patrick]

I'm surprised this one isn't getting more attention. Not the most exciting design, but it's making quite an impact on the skyline!



Oceanwide Plaza by STERLINGDAVISPHOTO, on Flickr



Untitled by STERLINGDAVISPHOTO, on Flickr



Oceanwide Plaza, 1212 Flower by STERLINGDAVISPHOTO, on Flickr



Circa, Oceanwide Plaza by STERLINGDAVISPHOTO, on Flickr



Los Angeles Winter Cityscape by Jeremy Thomas, on Flickr



City in the Clourds by April Reppucci, on Flickr

[Urbannizer]

Oceanwide Plaza by HunterKerhart.com, on Flickr


Oceanwide Plaza by HunterKerhart.com, on Flickr


Oceanwide Plaza by HunterKerhart.com, on Flickr


Oceanwide Plaza by HunterKerhart.com, on Flickr

[Urbannizer]

Oceanwide Plaza by HunterKerhart.com, on Flickr


Oceanwide Plaza by HunterKerhart.com, on Flickr

South Park by
HunterKerhart.com, on Flickr


Downtown LA Skyline by HunterKerhart.com, on Flickr

[Phil McAvity]

Originally Posted by Urbannizer

Oceanwide Plaza by HunterKerhart.com, on Flickr

Is that skyline in the distance Century City?

[LAsam]

Originally Posted by Phil McAvity

Is that skyline in the distance Century City?

You are correct, sir.

[Urbannizer]

South Park by HunterKerhart.com, on Flickr


Oceanwide Plaza by HunterKerhart.com, on Flickr

[NYguy]

Nice, this is what I like. More density.

[caligrad]

I hope they didn't scrap the wrap around ribbon on 12th and fig

[colemonkee]

^ That part of the construction has been conspicuously absent for far too long.

[Prezrezc]

*Really* digging how Metropolis shook out.

This project, although nice for sheer presence in this part of DTLA, IMO seems a bit "sterile", if you catch my drift.....especially the twins.

[WonderlandPark2]

Gawd I hope they don't scrap the crown. Certainly taking their time.

[caligrad]

Originally Posted by colemonkee

^ That part of the construction has been conspicuously absent for far too long.

Yeah its making me a bit nervous. Every pic I've seen of the general area doesn't show any work being done for the foundation of that part. What could have been a great "Canyon" affect on 12th will now appear to be shoulda coulda woulda. I know we all get overly excited and assume the worse sometimes but.... with the rumors earlier this year and what seems to be a little slow down with actually getting this project done. I wouldn't be surprised if they just left that area a plaza.

[chris08876]

Construction halts on $1-billion mixed-use complex in downtown L.A.

Construction on Oceanwide Plaza, one of the biggest real estate development projects in downtown Los Angeles, has stalled in what may be a shortfall in financing from the project’s Chinese owner.

The condominium, hotel and retail complex across the street from Staples Center is expected to cost more than $1 billion and be a key part of the flashy entertainment, hotel and residential district emerging along Figueroa Street.

The plaza is being built by Oceanwide Holdings, a Beijing-based publicly traded conglomerate that reported revenue of $2.37 billion in 2017. The company said in a statement Thursday that the hold-up is due to a recapitalization of the project and that work will resume by the middle of next month.

Any halt of a Chinese-backed real estate project, however, is bound to raise concerns that it may be related to Chinese government policies restricting the flow of money out of the country. The policies, put in place in 2016, sent shock waves through real estate circles because China has become a major investor and developer in the U.S.

The shutdown also comes at a time when the FBI is conducting a corruption probe at City Hall that is investigating possible kickbacks and other crimes that might involve foreign real estate developers with downtown building projects.

=============================
https://www.latimes.com/business/la-...125-story.html

[Prezrezc]

First, a leaning and/or sinking high-rise in San Francisco, now this possible mega-can o' worms here.

And just when I deemed it safe to allow the seed of notion to take root in my mind that California had at best somewhat grasped the concept of city development actually being undertaken by its own citizens...

Nice try, me......:: ditto ::

[caligrad]

^^^ An odd statement lol. The leaning tower of San Fran was just rushed engineering, this however is a bit different. A Chinese backed company having money flow problems in a political climate where we aren't the best of friends sounds about right. They'll get funding to finish and we'll all forget it ever happened, its already about 80% complete and topped out. I don't foresee them having problems finishing. IF the worse were to happen, all they'll do is sell to another developer to finish. No biggie.

[Pedestrian]

Originally Posted by caligrad

The leaning tower of San Fran was just rushed engineering, this however is a bit different.

It wasn't rushed. It was probably just wrong. The engineers believed that friction piles and a very thick mat foundation was sufficient and they were probably wrong. It should be noted that the group that constructed this tower, Millennium partners, "has created an unparalleled portfolio of core, urban, mixed-use properties in America's great gateway cities (including NYC), for more than two decades". It was niether a California outfit nor an inexperienced one.

But the Millennium Tower HOA alleges the excavation of the Salesforce Transit Center nextdoor undermined the foundation of their building and the matter hasn't yet been sorted out via multiple lawsuits.

[pwright1]

[Hudson11]

Oceanwide is looking to sell their NYC holding. Meanwhile, this...

Stalled DTLA megadevelopment Oceanwide Plaza owes contractors more than $52M

The developers behind Oceanwide Plaza—a massive $1 billion project that has ground to a halt in Downtown LA—owe more than $52 million to some of its contractors, according to a Curbed review of publicly available real estate records.

From June 29 until today, six subcontractors working on Oceanwide Plaza, including masonry, steel reinforcing, and concrete pouring companies, have recorded mechanic’s liens on the property totaling $62.5 million.

It’s possible that some of the liens records over that seven-month period have been paid. But a lawsuit filed Thursday in Los Angeles County Superior Court shows that $52.8 million owed to Webcor Construction—which recorded the largest mechanic’s lien against Oceanwide—is still outstanding.

[...]

A second Oceanwide subcontractor contacted by Curbed said it had been partially paid but was still owed about $550,000—more than half the amount of its $877,471 lien. Four of the six companies did not return messages seeking comment by the time of publication.

[...]

Contractors and subcontractors record mechanic’s liens when they have not been paid on time for their work. They are not uncommon in the construction industry, but if left unpaid, these liens can have serious consequences.


[...]

In January, Oceanwide’s general contractor, Lendlease, sent a letter to at least two subcontractors announcing that it was suspending construction activity on the site because Oceanwide had “failed to provide contractually required payments for both your and our work.”

Lendlease added in the letter, which was shared with Curbed, that “among other failures,” Oceanwide “failed to maintain the minimum contractually required funds” in the project’s escrow account.