The Los Angeles City Council has unanimously approved plans for the construction of two 46-story residential towers that the developer Next Century Associates plans to start constructing in 2014 behind the Hyatt Regency Plaza Hotel in Century City, Calif.
The Los Angeles Times reports that the $2 billion mixed-use project will include 100,000 square feet of shops and restaurants and more than two acres of open space.
The original plan called for the demolition of the hotel, but encountered opposition.
The hotel, built in 1966, will now be renovated, its rental rooms reduced to 394 from 726, and 63 others converted to luxury condominiums for full-time living. The swimming pool is to be removed to make way for the new towers and then re-created in two pools on the hotel roof. Plans also include a proposed Metro station for an eventual Westside subway.
New Century Associates is a partnership between Woodbridge Capital Partners and funds managed by Oaktree Capital Management, which owns Builder’s parent company, Hanley Wood.
The City Council approved the plan's environmental impact report last week and approved a 15-year development agreement for the six-acre site. The project is expected to create more than 3,500 construction and permanent jobs.
John Caulfield is senior editor with Builder magazine.
Learn more about markets featured in this article: Los Angeles, CA.