The Los Angeles City Council has approved one of the largest projects ever on the Westside of Los Angeles, a plan to redevelop the Hyatt Regency Century Plaza Hotel into a 1.5-million-square-foot, $2 billion mixed-use project with residential towers, retail and open space.
The council this week voted unanimously to approve the environmental impact report and a 15-year development agreement for the project by Next Century Associates on six acres at Avenue of the Stars and Constellation Boulevard in Century City.
The new project includes two 46-story towers designed by renowned architecture firm Pei Cobb Freed; a 100,000-square-foot retail plaza with shops and restaurants, and more than two acres of public space with fountains and courtyards. It also includes restoration of the hotel with 394 rooms and 63 luxury residences.
Next Century Associates, the owners of the Hyatt Regency Century Plaza Hotel, is a partnership between Michael Rosenfeld's Woodridge Capital Partners and funds managed by Oaktree Capital Management L.P.
The firm expects to start construction in early 2014, said Rosenfeld, managing partner of Next Century. The project will connect over 10 million square feet of office space
, residences, restaurants and retail stores in the area, including the Westfield Century City mall.
The hotel will extend out to Avenue of the Stars, with retail, restaurants and public spaces, and the project also includes a proposed Metro station for the future Westside subway.