Nine months after purchasing the comatose Fig Central development for $200 million, Oceanwide Real Estate Group is finally taking the plunge in South Park. Last week, the Beijing-based developer issued $320 million in bonds that will reportedly be used to finance the construction of the mixed-use complex. Simultaneously, the developer has applied for the first in a series of LADBS approvals that will allow the long-delayed project to move forward.
The recent LADBS filing describes Fig Central as a two-building development, offering a mixture of apartments and hotel rooms above ground-level commercial space and a health club. Towers will ascend to heights of 53 and 38 stories, seated atop a an eight-floor podium structure. Seven stories of the podium will be devoted to a vehicular garage, supplementing three underground parking levels.
More information can be garnered via a series of renderings, drawn up years ago by architectural firm RTKL. Fig Central, originally envisioned as the retail component of the LA Live complex, greets its namesake street with storefronts and a mid-block public plaza. From there, a ground-level paseo cuts straight through to the eastern side of the property, helping to mitigate the inherent walkability issues that come with such a large development site.
The glass-clad towers would directly abut the Flower Street side of the project, creating a formidable street wall along the path of the Blue and Expo Lines. Upper levels of the mid-rise podium would feature outdoor dining space and a residential amenity deck. Additionally, a large LED ribbon would wrap the western perimeter of the property, bombarding commercialism upon all passersby between 11th and 12th Streets.
Fig Central joins more than a dozen new and revived high-rise projects that have sprung up throughout Downtown within the past two years. North of LA Live, the Shanghai-based Greenland Group is currently building hotel and condominium towers as part of their Metropolis development. On parking lots surrounding the Fig Central site, Mack Urban and other local investors are scheduled to break ground on multiple high-rise buildings before the end of this year.