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Beijing-based developer Oceanwide Holdings Group is venturing outside of China to build their first overseas project. The $1 billion Figueroa Central development in Los Angeles will include three towers — one at 49 storeys and two at 40 storeys — above a hulking 100-foot-tall podium housing 1,444 parking spaces and an open-air galleria with 166,000 square feet of retail.
The retail component has been envisioned by RTKL as the Times Square of Los Angeles, complementing the popular LA Live complex, which was also designed by the global architecture firm. The mixed-use project is slated for 504 luxury condominiums, 164 of which will be contained within the tallest 677-foot (206-metre) tower. That building will also house 183 five-star hotel rooms while the twin 530-foot towers will accommodate 170 units each.
The top of the podium will play host to a pool, park, and other amenity spaces. Its exterior will be wrapped with a 30,000-square-foot ribbon of LED signage, adding further ambiance to the streetscape. The Cavalli Club, with current locations in Milan, Dubai, Ibiza, and Puerto Banús, will open its first American location within the development.
The lot was used as parking for years with no clear end in sight after plans for Moinian Group's L.A. Central project fell victim to the recession. It has become commonplace for Chinese developers to invest their capital in safe overseas markets, mostly in major downtown areas where the value of any remaining vacant lots are only expected to increase. The state-owned Greenland Group is similarly developing a large plot of land to make way for Metropolis, a massive condominium and hotel complex.
Photos from Forum contributor HunterKerhart show the excavation pit for the site, which has been dug a few levels underground. Construction is scheduled to wrap up in 2018. In the meantime, check out the Database file linked below for more images and information. Want to get involved in the discussion? Visit the associated Forum thread or leave a comment at the bottom of this page.
