Woodridge Capital Partners, which had stalled for years in the marketing of twin condominium buildings and luxury hotel residences at its Century Plaza redevelopment project, says it has closed on more than $200 million in luxury condo pre-sales.
The pre-sold units are located in Fairmont Century Plaza Hotel portion of the project, and in one of the two luxury unit towers under renovation in the storied Century City complex, an office-tower Mecca emerging out of L.A.’s concrete westside.
The units start at $2 million and go up to as much as $50 million each, a Woodridge spokesperson said.
The Century City Plaza project includes a 400-room flagship Fairmont Hotel with a collection of 63 exclusive hotel residences, two new 44-story estate tower residences – 211 Elm and 115 Park. In total, the project contains 331 luxury condos and thousands of square feet of retail, restaurant and lifestyle space.
The project is situated where Century City’s iconic Avenue of the Stars meets Constellation Boulevard.
The Fairmont Century Plaza hotel residences are slated to open in the spring of 2020, followed by 211 Elm and 115 Park in early 2021, according to the Woodridge Capital spokesperson.
Woodridge Chief Executive Michael Rosenfeld bought the property for $366.5 million in 2008. Early on, he wanted to erect two 50-story condo towers in place of the hotel, but the proposal never flew.
Both towers, designed by Pei Cobb Freed & Partners, are part of the larger redevelopment plan at the Century Plaza Hotel at 2025 Avenue of the Stars.