Century Plaza Owners Unveil Redevelopment Plan

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Next Century Associates LLC, a partnership between Los Angeles based real estate investor Michael Rosenfeld and an entity of D.E. Shaw Group, on Thursday unveiled plans to demolish the Hyatt Regency Century Plaza hotel in Century City and create a $2 billion mixed-use project on the 5.75 acre site.

Next Century Associates, which bought the property for $367 million in June, said the redevelopment should generate 5,000 construction related jobs and at completion the development would employ more than 1,000 people. An economic benefit of $7.7 million annually in city tax revenue is anticipated.

“The Century Plaza project has the potential to become one of the most significant mixed-use projects in the country,” Francis Cappello, a senior vice president in the Shaw Group’s real estate unit, said in a statement. “In a period of economic uncertainty, this project demonstrates our high degree of confidence in the city of Los Angeles.”

The project, which is being designed by noted architect I.M. Pei’s firm, Pei Cobb Freed & Partners, will feature two towers rising from a plaza. The buildings would include a 240-room Five Star hotel and 163 hotel residences, 130 luxury residential condominiums, 100,000 square feet of office space, 106,000 square feet of retail shops and restaurants, and a spa and fitness center. The hotel would continue to operate as a Hyatt Regency.

“What excites me about this project is the opportunity to reinforce the original design intent for Century City our firm helped create nearly 50 years ago and incorporate new planning ideals that create a lively, eventful and memorable urban experience.” said Pei partner Henry Cobb in a statement.

Approvals are expected to be complete in three years, the partnership said.

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