LA Commission OKs $1.5B Hyatt Regency Redevelopment

Law360, New York (August 23, 2012, 4:49 PM EDT) -- A Los Angeles commission on Thursday approved a $1.5 billion proposal to redevelop the site of the Hyatt Regency Century Plaza with the addition of two new 46-story residential towers containing retail and restaurant space, as well as a restoration of the iconic hotel.

After three years of parsing through several possible versions of the project, the city planning commission greenlighted a proposal and development agreement nixing office space from the premises to pass to the City Council for final approvals. The project is being spearheaded...
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