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LOS ANGELES — Next Century Associates LLC, a partnership between Los Angeles-based real estate investor Michael Rosenfeld and an entity in the D.E. Shaw Group, has unveiled plans for a $2 billion mixed-use project to be located on the 5.75-acre Century Plaza site, which is located at 2025 Avenue of the Stars in Century City area of Los Angeles. The 1.4 million-square-foot project will feature a 50-story mixed-use tower offering a 240-room five-star hotel, 163 hotel residences and 100,000 square feet of office space; and a 50-story residential tower offering 130 luxury residential condominiums. Additionally, the project will feature 115,000 square feet of retail shops and restaurants, a spa and a fitness center.

“The original design of Century City envisioned a lifestyle center around individual vehicles, parking in subterranean garages with access to both homes and offices through these garages,” explains Rosenfeld. “Green space was designed to be experienced as decorative rather than interactive and walking was limited to designated pathways, some underground.”

The company is now transforming Century City into a place where walking and the outdoor experience are prized. The project is being designed by Pei Cobb Freed & Partners, with the landscape and gardens designed by Ken Smith Landscape Architects. The $2 billion development is consistent with the city’s greening goals and will be LEED Silver certified upon completed.

“[The new project] will contribute substantially to a more beautiful public realm with green urban groves along Avenue of the Stars; two acres of public spaces, including a 60-foot water wall; and a central court highlighted with a palm grove,” notes Rosenfeld. “The plan will incorporate the latest green technologies and practices and will emphasize resource management and conservation.”

When completed the project will generate more than 1,000 permanent jobs and increase the city’s tax revenue by $7.7 million annually. Approvals are expected to be complete in 3 years. The property will continue to operate as a Hyatt Regency Hotel.

According to Rosenfeld, the proposed plan will integrate the hotel block into the urban mix and serve as a pedestrian crossroads for the center by opening to people, which will allow them to connect safely and easily to all corners of the project. Additionally, the development will help the city reach its goal of a 24/7 urban community with mixed-use elements, incorporating hotel, retail, office and residential, as well as a transit stop for the proposed Purple Line that will connect Century City with downtown Los Angeles and other parts of the city.

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