A huge construction project Oceanwide arrives in Downtown LA

One of the biggest real estate project that will change the skyline of Los Angeles has begun construction.

Chinese real estate developer, Oceanwide has kicked off constructing ‘Oceanwide Plaza’ which will cost approximately 900 million dollars.

The Ocean Plaza will be built on the eastside of LA Koreatown and across from the LA Live and Staples Center in Downtown Los Angeles which has gone thru huge redevelopment transformation.

The Ocean Plaza will be composed of three skyscrapers and the tallest one, North Tower will house five star luxury hotel with 183 rooms as well as 164 units of luxury condo. Also, two twin towers, each 40 stories tall will comprise of 340 units of luxury condo.

The 8 stories high podium building that supports three main buildings will be composed of 160,000 square feet shopping malls with parking lot that can accommodate 1,440 cars.

This project, along with the Metropolis project that is being developed by another Chinese real estate developer Greenland Group is garnering attention for the sheer size and high cost of development. The Metropolis project will be composed of 56,40,38 stories condo tower and 19 stories hotel.

<Hwan Dong Cho>

<Korea Times Business Editor>