Los Angeles — Starting in March, the historic Century Plaza Hotel in Los Angeles will temporarily close to make way for a $2.5 billion redevelopment of the hotel and surrounding area.
Woodridge Capital Partners and Next Century Associates are spearheading the project, which will include two 46-story residential towers, restaurants, retail shops and a remodeling of the five-star hotel. The developers expect the hotel to reopen in early 2018.
Situated in the heart of Century City at the intersection of Avenue of the Stars and Constellation Boulevard, the 1.5 million-square-foot hotel and mixed-use development will be the centerpiece of a vibrant renaissance occurring in Century City. This includes the $800 million expansion of the Westfield Century City Mall and over 10 million square feet of offices, residences, restaurants, retail and entertainment venues.
The hotel, designed by Minoru Yamasaki, will be restored with 394 guest rooms and suites along with 63 residences. Design firm Yabu Pushelberg will redesign the open-air lobby, connecting public plazas and fountains to a central two-acre garden surrounded by restaurants and retail.
In total, there will be 100,000 square feet of retail on the site. The two 46-story towers designed by Pei Cobb Freed will feature 290 luxury residences.
A total of $450 million in EB-5 funding was secured for the project through CMB Regional Centers.
Hyatt will no longer manage the hotel after it closes in March, but the hotel’s current employees will have the opportunity to return upon its reopening.
Next Century Associates worked closely on the project with Los Angeles City Councilman Paul Koretz, the Los Angeles Conservancy, the National Trust for Historic Preservation, neighboring homeowners associations, Century City business stakeholders and organized labor.
First opened in 1966, the Century Plaza has hosted politicians, foreign dignitaries and celebrities over the years, as well as every United States President since its opening. The hotel was the residence of choice for President Ronald Reagan, who stayed at the hotel so often that the press named it the “Western White House.”
The hotel has hosted a number of notable events over the course of its distinguished history including the Grammy Awards and the “Dinner of the Century” in 1969 honoring the first astronauts to reach the moon.
— Haisten Willis