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Last week, the skyline-altering makeover of the Century Plaza Hotel took a giant leap forward.

According the Real Deal L.A., the redevelopment of the 50-year-old hotel by real estate investment firm Woodbridge Capital Partners secured its construction financing last week.

The $2.5-billion project, designed by the architecture firm Pei Cobb Freed & Partners, will add twin 46-story towers on the property at the intersection of Constellation Boulevard and Avenue of the Stars.  The new buildings will include 290 condominiums and 93,000 square feet of ground-floor commercial space.

The existing hotel, designed by the famed architect Minoru Yamasaki, will be refurbished under plans from the firms Marmol Radziner and Gensler.  The lower levels of the building will be retained as an approximately 400-key hotel, while the upper floors will be repurposed as 63 condominiums.

Plans also call for the addition of new public plazas, water features and courtyards through the property, to improve the pedestrian experience in anticipation of Century City's future subway station.

Construction is expected to begin later this summer.

Image via New Century Plaza
Image via New Century Plaza
Image via New Century Plaza
Image via New Century Plaza
Image via New Century Plaza
Image via New Century Plaza

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