What is happening with...
Over the past year, we have featured articles related to South Park. Here are a few updates:
Kobe Bryant Mural and parking lot - a new park?
Initiative for Kobe Bryant Memorial Park continues.
Previously the SPNA wrote about the Kobe and Gia Bryant mural on the south facing wall of The West Coast Trial Lawyers (WCTL) building located on 12th near Hope Street. The parking lot in front of the mural was recently purchased by WCTL. It was reported “they did not want a building on that lot.”
According to a report during the recent SPBID’s (South Park Business Improvement District) general meeting, West Coast Trial Lawyers advised they had no plans to donate the parking lot but are willing to sell it to a group that could make a Memorial Park happen. At the same SPBID meeting, the SPBID advised that it is in conversations with CD14 and believes Quimby funds could be used to assist with this potential memorial park project.
Mayor Karen Bass is also reported to be excited and supportive of the prospect of this project.
Whether it is this parcel of land or another, we are optimistic about the positive progress.
Oceanwide Plaza awaits a solution
Oceanwide Plaza- Mega Lawsuits, Owners’ desires to sell as the saga continues.
In April 2023, CoStar news reported that the Oceanwide developer had been hit with a lawsuit from China Minsheng Bank over its $1 Billion loan failed repayment related to Beijing based developer Oceanwide Holdings. The loans are valued at more than $1B according to a filing at the Hong Kong Stock Exchange.
The Chinese developer halted construction in Oct. 2020 on its multi-tower, billion-dollar development. The developer said that it would entertain offers to sell the property. Construction cranes were dismantled from the project in Nov. 2022. The developer claims they have already injected $1.2B into the project and one development expert claims it would need another $1B to finish the job. The saga continues.
Hotel Project on 1130 S Hope silent.
No additional information regarding the proposed hotel project located at 1130 S. Hope St. is available. The Domyan Group purchased the property in March of 2020 and faced considerable opposition from its South Park neighbors. After significant modifications to its plans, the project received conditional use permits. We are not aware of any further developments to this project since Nov 2022 other than new boarding on the street-side was installed with advertising posters.
By Marty Goldberg