Archinect - News

Oceanwide Plaza auction rumored for mid-September after buyers' interest springs

2024-08-19T15:27:00-04:00

Multiple new bids to takeover the unfinished Oceanwide Plaza complex in downtown LA were reported last week in what could be a positive sign for its future. As per connectcre.com's reporting, an auction has been scheduled for “mid-September.” The update comes after months of speculation as to the future of the graffiti-tagged towers and a few short weeks after a new "saw horse" bidder had dropped their inquiry without submitting any offers.

“A key hurdle that any buyer would need to surmount is the question of financing: not so much to acquire the project, but rather to finish construction on it. The project has been appraised as-is at $434 million by Colliers as part of the Oceanwide Plaza bankruptcy proceedings. Completing the three-tower residential, retail and hotel complex could mean spending twice that amount,” their report reminds us.

(The 1.4-million-square-foot CallisonRTKL design was abandoned in 2020 and now stands as perhaps the largest unfinished project in the United ...

The Oceanwide Plaza dilemma: What should LA do?

2024-07-01T14:30:00-04:00

With a potential fire sale of the residential, hotel and retail project approaching, a far more complex and expensive question looms over one of the region’s all-time real estate catastrophes: Can it be saved from the wrecking ball?

With the fate of LA’s graffiti-tagged Oceanwide Plaza in the balance, the LA Times' Roger Vincent looked into the lack of viable options, finding several CRE experts’ opinions that simply "it’s not worth the risk" trying to "fix" the currently 60% complete three-tower development. This raises several intriguing, if not "unimaginable," potentialities: The complex could be demolished (an option the paper reported in May) or continue in new hands following a fire sale. Its most recently reported value was just $485 million.

Oceanwide Plaza, LA's unfinished high-rise graffiti mecca, faces impending sale

2024-05-10T12:00:00-04:00

The Chinese owners of the stalled residential, hotel and retail complex towering over Crypto.com Arena have hired real estate brokers to sell the property to buyers who could restart the project after work stopped in 2019. Taggers recently covered its outer walls with graffiti visible from far away.

The LA Times also reports the brokerage firm Colliers to have submitted an application estimating the property’s current value at $485 million and stating it is still just 60% completed. Another $865 million would be required to finish the block-scale development designed by CallisonRTKL. Some had speculated it could be demolished. Costs for the cleanup of possibly the greatest graffiti takeover of recent memory have been reported at $3.8 million.

CallisonRTKL is bringing biophilic design to its latest airport project in Mexico

2021-08-18T17:08:00-04:00

Mexico’s second-largest city, Guadalajara, is getting a brilliant new biophilic airport terminal courtesy of CallisonRTKL.

The 1.2-million-square-foot Terminal 2 expansion project promises a stress-relieving, traveler-friendly design and is also aiming to become one of the only net-zero airport terminals anywhere in the world.

Image courtesy CallisonRTKL

Featuring elements that pay homage to various local inspirations, the new terminal includes hotel-quality amenities like an in-house spa, art gallery, and gym. A sanctuary space will be open as well in addition to added greenery which makes for a more fluid and enjoyable user experience, according to the architect.

Image courtesy CallisonRTKL

“There is pressure to be more responsible towards the environment, which has increased over the last couple of years,” CallisonRTKL’s Sustainability team lead Pablo La Roche said in a June interview to Lampoon. “The airlines themselves as well as the airplane manufacturers are trying to make thei...

Microsol Resources' discusses 'Leveraging Digital Twin Technology' during upcoming TECH Perspective's online conference

2021-04-13T14:23:00-04:00

This post is brought to you by Microsol Resources

On April 14, 2021, Microsol Resources is doing a spotlight on the latest innovations in construction and design at TECH Perspectives. This is a continuation of our TECH Perspectives conferences and now hosted online and brings together thought leaders at the forefront of building and construction innovation to discuss new and existing technologies that are reshaping the architecture, engineering, and construction (AEC) industry.

The first of TECH Perspectives’ online conference series is about Leveraging Digital Twin Technology.

Digital twins are quickly proving to be a key strategic accelerator for digital transformation, unlocking the value created by the Internet of Things (IoT), artificial intelligence (AI), and analytics.

But what exactly is the buzz about? What is a digital twin? What elements define it? When can and should we apply this technology? What makes it so powerful? And how will its adoption influence our design proce...