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.

Oceanwide Plaza: Graffiti 'vandalism' or the greatest tag 'takeover' of all time?

2024-03-09T08:00:00-05:00

The New York Times has entered the debate surrounding LA's troubled Oceanwide Plaza development this week after social media and the outside press tied its celebrity status to the neglect of downtowns, housing rights issues, and their relationship to developer capitalism.

The Times piece follows news of the city’s recent order on Oceanwide to install a security fence to prevent against interlopers' vandalism and the 'public nuisance' the highly publicized graffiti artwork has turned the unfinished project into.

'Vandalism' is a charged term to apply in this case, but it has affected other sites near Downtown Los Angeles, like the copper wire-stripped Sixth Street Viaduct, in the midst of its delayed economic rebound. The street art community is here portrayed alongside BASE jumpers as a lawless quandary that considers their “takeover” a bar-raising move geared mainly at promotion and exposure. A smarter take is that taggers have the broader consensus of society so well-figured tha...

Snøhetta tops out Manhattan residential tower with ‘striking geometry’

2024-02-23T12:03:00-05:00

A Snøhetta-designed residential tower in Manhattan’s Upper West Side has topped out. Named 50 West 66th Street, the scheme is described by Snøhetta as having a “striking geometry” with a “natural palette of refined materials.”

Archinect first reported on the development in 2017 upon the release of the design proposal, detailing the tower’s palette of textured limestone, glass storefronts, and bronze details. Externally, the facade is defined by what the designers call a “series of sculptural excavations, evocative of the chiseled stone of Manhattan’s geologic legacy.”

Image credit: Extell

As the tower rises, its profile gradually narrows, including a distinctive splitting of the volume at the 16th level, creating a shared amenity terrace. Above the terrace, the opposing corners of the tower are sliced away to create residential balconies. “Angled facets evoke this chiseled vocabulary, revealing the same gleaming bronze found at the building’s base,” the designers add.

Image credit: L...

Snøhetta reveals ‘excavated’ bronze tower that will be the Upper West Side’s tallest

2017-11-27T15:19:00-05:00

Snøhetta's design for a 775-foot tall condominium tower at 50 West 66th Street calls for a series of sculptural excavations, with several slices up the structure and narrowing upward from its base.

According to Wallpaper, the Upper West Side tower developed by Extell Development will feature textured limestone, glass storefronts and bronze details. As the building tightens in size, the tall windows with bronzed frames will be set into the stone facades. On the tower’s 16th floor, the firm is planning a stepped outdoor terrace to serve as a shared amenity space, as well as sweeping views of the Hudson River and Central Park.

Upon its completion, the 127-unit tower on 66th Street will be the tallest on the Upper West Side, passing by the 668-foot tall tower proposed for 200 Amsterdam Avenue.

In February, Extell unveiled renderings of a new condo near Central Park West at 36 West 66th Street, for which they acquired for $45 million in 2015. Three office buildings were razed for the pro...