Big news comes to South Park this week regarding the massive Oceanwide Plaza project being built across the street from the Staples Center and LA Live complex. The Wall Street Journal released an article this past Monday confirming our initial report that Park Hyatt has been chosen to anchor the $1 billion mixed-user, ousting the still-untested Roberto Cavalli hotel brand that was originally slated to go into the Oceanwide Plaza. DTLA Rising first reported that Park Hyatt was the likely replacement for Cavalli back in Feb 2016.
One of the most exciting mega projects under construction right now in Downtown LA is the massive Oceanwide Plaza being built on Figueroa directly across the street from the Staples Center. The $1 billion project is really the missing bookend to LA Live, a project by AEG completed in 2010 that focused almost exclusively on restaurants and nightlife venues leaving out the all-important retail component that attracts shoppers. An exciting new fly-through video has been released by Chinese developer Oceanwide showcasing the project’s flashy two-story ground-floor commercial space — now aptly named The Collection at Oceanwide Plaza — that will likely be filled in with a slew of new upscale retailers and restaurants, especially if the uber-upscale Park Hyatt signs on as the project’s hotel operator.
After some initial groundbreaking work that began about a year ago that created a large sunken pit to prepare for the project’s foundation and underground parking, the massive Oceanwide Plaza project (formerly known as Fig Central) has remained seemingly dormant without any other construction activity on this sprawling 4.6 acre site located directly across the Staples Center. Many have wondered what the heck is going on with Chinese developer Oceanwide’s $1 billion project, which is another huge game changing development for red hot South Park.