China-based Oceanwide Holdings is facing trouble at two of it’s flagship California developments. Following last month’s news that Lendlease Construction quit the build on Downtown L.A.’s Oceanwide Plaza—after a federal judge ruled that the developer owed Lendlease $42 million—creditors have also now taken over the stalled Oceanwide Center in San Francisco.
The $1 billion Oceanwide Plaza in L.A. is expected to include hundreds of condos, a luxury hotel spanning and a 150,000 square-foot open air mall. The three glass skyscrapers across from the Staples Center is one of the largest development projects in Los Angeles.
Up north, Oceanwide Center is expected to be the second-tallest tower in San Francisco—assuming it’s completed. According to the San Francisco Business Times, creditors have taken over the stalled build after subsidiaries of Oceanwide missed a reported $321 million in payments.
Construction on Oceanwide Center stalled last year as two potential deals to trade assets fell through. Earlier this year, a handful of the top execs at Oceanwide Holdings resigned following the sale of $340 million on assets in an effort to free up capital.
Oceanwide Center would include 109 condos amongst the 61-story skyscraper, which would also include 34 floors of office space.