Luxury Hotel, Shopping and Apartments Planned for Prime Downtown Site Next to L.A. Live
Oceanwide Real Estate Group, a Beijing, China-based developer, has reportedly acquired a 4.5-acre site across from L.A. Live and Staples Center from New York-based Moinian Group.
Moinian development chief Oskar Brecher told CoStar News last fall that the company is divesting many properties across the country to focus on Hudson Yards, its signature project. Brecher's team oversees nearly 10 million square feet of development in the U.S.
The site was originally conceived by AEG as the second phase of its $2 billion L.A. Live project, according to Cushman & Wakefield, which marketed the property on behalf of Moinian.
The 11th and Figueroa streets property, now a parking lot, is fully entitled for a mixed-use complex called Figueroa Central, which has been on the books for prospective development since at least 2007, before the financial meltdown and real estate downturn. At that time, it was envisioned as a $700 million development including towers of 45 and 33 stories.
Oceanwide paid a reported $200 million for the property, where it intends to develop a high-end hotel, shopping space and apartments.