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5/08/24
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The listing assignment for Oceanwide Plaza, one of Downtown Los Angeles' largest and most ambitious development projects, has been awarded to a team of Colliers and Hilco. The unfinished mixed-use residential, hotel and retail project was being developed by Beijing-based Oceanwide Holdings, but is currently subject to bankruptcy court approval. Construction of the project kicked off in 2015, but stopped when Oceanwide Holdings ran out of money in 2019.
Oceanwide encompasses three towers occupying an entire city block at 1101 South Flower Street, across the street from Crypto.com Arena and the Los Angeles Convention Center. Designed by CallisonRTKL, the development is slated to contain a 184-room Park Hyatt hotel, 164 services luxury condominiums and over 500 residential units, enhanced by expansive retail space and private parks. Once completed, Oceanwide Plaza is expected to span 1.5 msf of real estate in the heart of Downtown Los Angeles.
As was widely covered in the news at the time, many floors of the project’s towers were tagged with graffiti in January and February of 2024. This led to the city of Los Angeles having to allocate $4 mil worth of cleanup and security at the project, to be billed to the selling entity.
The team assigned to lead the disposition and marketing of the development comprises Colliers' Mark Tarczynski and Nathan A. Fong, Executive Vice Presidents; Adam Tischer, Senior Vice President; Andy Y. Kazama, Vice President; and Hilco Real Estate’s Jeffrey Azuse, Executive Vice President, and Daniel Miggins and Jamie Cote, Vice Presidents. The team hopes to find the right developer to finish the project in time for the 2028 Summer Olympics in Los Angeles.
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