Construction Paused on Major Downtown Los Angeles Real Estate Project
The Oceanwide Plaza project across the street from the Staples Center sports arena is expected to cost more than $1 billion
Construction of a huge condominium, hotel and retail complex in downtown Los Angeles has paused.
The Los Angeles Times reports that Beijing-based builder Oceanwide Holdings issued a statement Thursday saying the stall is due to recapitalization of the project and work is expected to resume in mid-February. The Oceanwide Plaza project across the street from the Staples Center sports arena is expected to cost more than $1 billion.
Its three towers have already been built to heights of as much as 55 stories and its 500-plus luxury condos and hotel are envisioned to join the renaissance of once-dowdy downtown LA. The Times reports that Chinese companies have been among the biggest commercial real estate investors in the Los Angeles area in the post-recession boom.
The general manager of the city Department of Building and Safety, Frank Bush, said his agency received a call on Friday from Lendlease, the general contractor on the project, saying it was canceling an inspection that had been scheduled for that day.
"They said they were stopping work on the project at this time, and had no further explanation," Bush said, adding that the shutdown has nothing to do with any inspections or permitting issues involving his agency. "It doesn't have anything to do with any corrections we've given them or anything like that. It wasn't at our direction."