$2.5B Century Plaza project is, in fact, happening

One of the biggest projects in Los Angeles is slated to open next year with Fairmont Hotels & Resorts as its operator, developer Woodridge Capital Partners announced Thursday night.

The redevelopment of the Century Plaza Hotel had faced multiple delays, but construction is underway, the Los Angeles Times reported.

The $2.5 billion renovation will include the addition of two 46-story condo towers and a 400-key hotel. The number of hotel rooms will be reduced from 726 to make way for the residences, Woodridge CEO Michael Rosenfeld said. Mary Ann Osbourne of Related Companies will is the managing director of sales for the units.

The project, which gained city approval in 2013, was postponed multiple times. In July, it secured about $1 billion in construction financing from J.P. Morgan Chase, Colony Capital, and EB-5 investments, The Real Deal reported. Thursday’s project-unveiling event also highlighted a Jaume Plensa-designed 23-foot sculpture that will be on display at the hotel.

The twin condo towers will have 227 units and will rise behind the existing, crescent-shaped hotel on the Avenue of the Stars. Formerly a Hyatt, the hotel shut its doors in March 2016. The project will also include 100,000 square feet of retail and restaurant space. [LAT] — Cathaleen Chen