A multi-functional floating foundation integrating an Oscillating Water Column (OWC) Wave Energy Converter (WEC) with a Floating Offshore Wind Turbine (FOWT) is a promising design for achieving cost reduction, adaptability and stability improvements. Yet, such a multi-functional integration is still in a demonstration phase and additional investigations are required to reach industrial maturity. This work assesses the hydrodynamic performance of such a design by carrying out a series of carefully instrumented scaled model tests. Two distinct sets of experimental models were designed accordingly, i.e., a pure FOWT without the OWC device, and the FOWT incorporating the OWC device. The multi-functional foundation is either fixed or allowed to move in heave mode along four vertical sliding rails. The introduction of the OWC device enhances the stability of the FOWT in heave, with a maximum motion reduction rate of 54.1%. The chamber air orifice size and the foundation geometries were optimized. The OWC with an air chamber opening ratio of 3.0% produces the maximum relative capture width. A larger chamber draft and breadth lead to a lower chamber resonance frequency. The main objective of this paper is to guide the design and application of the OWC device integrated into a floating offshore wind turbine.