Developers seek Hollywood ending in Century City

President Ronald Reagan used to call the Century Plaza the “Western White House”

Oct.October 19, 2017 02:30 PM
Century Plaza Hotel and Matthew Perry with Ronald Reagan (Credit: The Century Plaza, Getty Images)

Back in the 1960s, Hollywood elites including movie stars, business moguls and even the former president of the United States flocked to the area between Beverly Hills and Santa Monica, known as Century City.

Now, developers are increasingly turning to the neighborhood’s glitzy history to market their new high-rise properties, which differ from the sprawling estates that characterize Los Angeles, the Wall Street Journal reported.

The roughly 180-acre neighborhood suffers from a reputation of being office-focused, rather than family friendly, characterized by aluminum skyscrapers and a lack of basic neighborhood amenities like public parks.

But neighborhood residents and developers in the region are seeing other benefits in the area.

Early buyers at Related Companies-redeveloped the Century condos at 1 W. Century Drive are now witnessing their profits double as they sell to celebrities like Matthew Perry and Candy Spelling.

Down the street, developer Woodridge Capital Partners is undergoing a $2.5 billion redevelopment of the Century Plaza Hotel that will include a 394-key Fairmont Hotel and over 268 condos spread among two 43-story towers. Miami-based developer Crescent Heights is looking to get a piece of the pie, as well, and recently opened a 40-story rental building dubbed Ten Thousand.

One retail developer has taken quite a gamble on the area. Shopping mall giant Westfield recently poured $1 billion into its 1960s-built Century City Westfield Mall, which will now include extravagant amenities and bring nationally-acclaimed restaurants to the area. [WSJ]Natalie Hoberman

Related Articles

Aerial view of 611 N. Brand Boulevard and Rossano de Cottiis (Credit: Hunter Kerhart Architectural Photography)

Onni scraps apartment plans for 857-key hotel project in Glendale

A rendering of the proposed hotel project on Whitley Street (Credit: Daryoush Safai)

Reservations: Hollywood hotel project faces appeal from rent control tenants

Atlas Hospitality Group president Alan X. Reay and Downtown Los Angeles, with construction development rising above the L.A. Convention Center at the right (Credit: Wikimedia)

Keyed up: LA’s hotel development outpacing the rest of California

Architect Michael Kollin and the planned Lasky Hotel

This boutique hotel will replace Maison 140 in Beverly Hills

Lizard Capital CEO Bingyi Huang and a rendering of the Spring Street Hotel

Appeal settled, Lizard Capital’s jagged-look DTLA hotel project has start date

2000 North Highland Avenue (Credit: Google Maps)

Airbnb conversion: Hollywood Hills property owner seeks apartment-hotel hybrid

Bank of America Vice President and Senior Underwriter Paul Kim and the Hampton Inn

Nexus Companies refinances Long Beach Hampton Inn for $41M

Acres Capital CEO Mark Fogel with a rendering of project

Chateau Group scores $44M bridge loan to build Marriott-branded hotel in Arcadia