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Saturday, Aug 13, 2022

Who’s Who in Real Estate: Thomas Feng

Title: Chief executive

Company: Oceanwide Holdings

Project: Heading up development of the $1 billion Oceanwide Plaza mixed-used project that includes retail, residential and hotel space at 11th and Figueroa streets.

What brought Oceanwide Holdings to Los Angeles?

The city of Los Angeles attracts multicultural identities from all over the globe, and we were very mindful of this when planning Oceanwide Plaza. The allure of this location was tremendous and presented us with a rare opportunity to magnificently reshape the downtown Los Angeles area, a global city experiencing a developmental renaissance with opportunity ranging across all industries from finance to fashion, art to athletics.

What projects prepared Oceanwide Holdings to take on a project such as Oceanwide Plaza?

Oceanwide brings more than three decades of experience in building intricate multi-use projects in Asia and beyond. Our expertise lies in creating a vertical living environment while maximizing each square footage to balance public space. Globally, we are most known for high-profile projects including Wuhan Oceanwide International Lanhai Park and Beijing Oceanwide International Residence District. Prior to Oceanwide Plaza, I was personally involved in managing five megadevelopments totaling 20 million square feet.

What sets this project apart from others in downtown?

Oceanwide Plaza in its entirety is a one-of-a-kind mixed-use project boasting over 166,000 square feet of commercial, retail and entertainment space, with an additional 700 feet of ribbon-shaped LED signage facing Figueroa Street – the largest continuous LED signage in the United States. The development will be made up of three towers, including The Park Hyatt Los Angeles Hotel, the only Park Hyatt hotel and residences on the West Coast and only one of four in the entire country.

What are your biggest challenges with this property?

It is … our first project in North America. We didn’t come into the market with the assumption that we know it all. We came armed with research and collaborated with the best-in-class industry partners who really knew the market. We’ve learned many lessons since the initial land purchase by Oceanwide Holdings back in 2013. While the climate for new development is extremely welcoming in downtown Los Angeles, one of the concerns is the high cost of construction in California.

What impact will this project have on downtown?

Oceanwide Plaza will infuse renewed energy to the city’s sports and entertainment district by providing experiential retail opportunities, making this a truly global and iconic destination. We also see Oceanwide Plaza having a significant impact on economic growth for the city of Los Angeles with the creation of approximately 9,000 jobs over the duration of the project.


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