All posts tagged: Oceanwide

Oceanwide Plaza, the L.A. Graffiti Towers, Bought in 0 Million Deal

Oceanwide Plaza, the L.A. Graffiti Towers, Bought in $470 Million Deal

The unfinished Oceanwide Plaza complex in downtown Los Angeles is looking at a new buyer who plans to complete the $1.2 billion project. KPC Development Co., whose founder, Kali Pradip Chaudhuri, is building a $300 million hotel next to SoFi Stadium, on Monday entered into a $470 million deal with Lendlease, the original contractor for the project, according to court documents. The figure represents a bid, which sets a price floor for the plaza, that will be tested at auction. If no higher offers come in, the bankruptcy court can approve the sale. The stalled project has emerged as a major priority for Los Angeles ahead of the 2028 Olympic Games, which have provided a much-needed sense of urgency and a hard timeline to set up a transaction. The structure — dubbed the Graffiti Towers after taggers covered the trio of skyscrapers from top to bottom once construction was halted in 2019 — has become an eyesore on the city skyline that could embarrass the city’s global brand. “Our priority remains ensuring the site is …