The graffiti-covered, long-stalled Oceanwide Plaza site in downtown Los Angeles is facing a possible change in ownership through a federal bankruptcy court process, with the Oceanwide Plaza sale moving forward only if no higher offers emerge by April 9.
According to Urbanize LA, asset-sale manager Hilco Global, Riverside-based KPC Development, and Lendlease submitted an initial purchase agreement to the federal bankruptcy court to acquire the Oceanwide Plaza project for $470 million.
If no higher purchase proposals are submitted by April 9, the court could proceed with approval steps for the transaction.
LA Mayor Karen Bass said in a statement that it is “encouraging that the sale process through the bankruptcy court is moving to the next stage,” and added that she hopes ownership transfer will be completed quickly after the April 9 hearing. She said preparing and activating the site ahead of the 2028 Olympics is a top priority.
The project was launched by Beijing-based real estate developer Oceanwide Holdings, which acquired the site in 2014. Under the original plan, the development was to include 504 condominium units, a 184-room hotel, and about 150,000 square feet of retail space.
Construction was fully halted in 2019 amid reports of construction cost overruns and tighter restrictions by the Chinese government on overseas investment. The site was then left idle for years, with the exterior walls of its three towers covered in graffiti, drawing criticism as a major downtown blight.
The Los Angeles Times reported that the prospective buyers are considering restarting construction while keeping the existing development plan. It said an additional $865 million to more than $1 billion in funding would be expected to complete the project.
KPC Development is also developing a $300 million hotel project near SoFi Stadium in Inglewood. Lendlease, which previously served as the contractor on Oceanwide Plaza, is also involved in a large mixed-use development near the Metro La Cienega/Jefferson Station.
BY HOONSIK WOO [woo.hoonsik@koreadaily.com]
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