San Francisco-based Carmel Partners snapped up a West Los Angeles development site for $49.5 million from a real estate investment firm headed by Beverly Hills developer Alan Casden, according to Real Capital Analytics.
Redevelopment of the Century Plaza Hotel and new developments planned for the surrounding property are slated to get underway in March of 2016. The massive, $2.5 bil project is being led by Woodbridge Capital Partners and Next Century Associates.
The project will add substantial new development to Century City. Plans call for two 46-story luxury residential towers, restaurants, retail shops and a completely remodeled, 400-room, 5-star hotel. The historic Century Plaza Hotel will close its doors on March 1, 2016 and is expected to re-open in early 2018.
Situated in the heart of Century City at the intersection of Avenue of the Stars and Constellation Blvd, the 1.5 msf hotel and mixed-use development will be the centerpiece of a vibrant renaissance occurring in Century City. This includes the $800 mil expansion of the Westfield Century City Mall and over 10 msf of offices, residences, restaurants, retail and entertainment venues.
The Century Plaza Hotel, with its iconic crescent shape and designed by Minoru Yamasaki, will be meticulously restored with 394 guest rooms and suites and 63 residences. The open air lobby will be transformed by the internationally acclaimed design firm Yabu Pushelberg connecting public plazas and fountains to a central two-acre garden surrounded by restaurants and retail.
In total, there will be 100k sf of retail on the site. The two new residential towers, designed by Pei Cobb Freed, will feature 290 luxury residences completing the visionary project.
Woodbridge Capital CEO Michael Rosenfeld also announced the successful completion of $450 mil in EB-5 funding for the project. The Century Plaza project is expected to generate thousands of construction and permanent jobs and substantially increase tax and sales revenues to the City of Los Angeles. The EB-5 financing was arranged through CMB Regional Centers.
Hyatt will no longer manage the hotel after it closes in March, but an agreement with UNITE HERE Local 11 provides Local 11 members with an opportunity to return to the hotel upon its reopening.
Next Century Associates LLC worked closely on the project with Los Angeles City Councilman Paul Koretz, the Los Angeles Conservancy, the National Trust for Historic Preservation, neighboring homeowners associations, Century City business stakeholders and organized labor. The project received universal support and was unanimously approved without any public opposition. The project team includes Pei Cobb Freed Partners, Gensler, Harley Ellis Devereaux, Marmol Radziner and Rios Clementi Hale Studios.
First opened in 1966, the Century Plaza has enjoyed a rich and storied history. Rising from the back lot of 20th Century Fox Studios, the hotel has hosted a wide range of politicians, foreign dignitaries and celebrities over the years, as well as every United States President since its opening. The hotel was the residence of choice for President Ronald Reagan, who stayed at the hotel so often that the press named it the “Western White House.” The hotel has hosted a number of notable events over the course of its distinguished history including the Grammy Awards and the “Dinner of the Century” in 1969 honoring the first astronauts to reach the moon.