Downtown LA's trio of tagged-up skeleton towers may finally escape their graffiti-and-glass limbo. A joint venture between California-based KPC Group and builder Lendlease has agreed to rescue the long-stalled Oceanwide Plaza complex out of bankruptcy for $470 million, with plans to line up as much as $800 million more to finish construction, per the Wall Street Journal. The three high-rises, which top out at 55 stories, have sat half-built since 2019, when the Chinese developer working at the site ran out of cash—then morphed into a global spectacle as BASE jumpers, copper thieves, and graffiti artists moved in.
"Oceanwide Plaza is structurally sound and substantially complete, which gives us a real opportunity to move quickly," says John Petty, who heads up real estate and construction for KPC. "I'm very excited," adds KPC owner Kali P. Chaudhuri, who says he plans on bestowing a new name on the complex, per the Los Angeles Times. "I'll try my very best to turn it around and make it the jewel of downtown LA." City officials, who've already spent millions on fencing and law enforcement to secure the property, are hoping completion will help revive a downtown affected in recent years by pandemic vacancies, wildfires, and protests, per the Journal.
Local businesses say the hulking complex has dragged the area down, while community groups and property owners are racing to polish the neighborhood ahead of a packed events calendar: the World Cup, another Super Bowl, and the 2028 Olympics. The new owners aim to have most of the project—likely starting with the hotel and retail venues—ready in time for the Games. "Our priority remains ensuring the site is refreshed and activated in Olympic-ready condition ahead of the 2028 Olympic and Paralympic Games," a rep for LA Mayor Karen Bass says, per The Hollywood Reporter. The final sale will take place if no higher bids come in by April 9 and the bankruptcy court gives its OK.
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