Buyer for Oceanwide Plaza's infamous graffitied towers emerges
Los Angeles Times • • business
Key Points:
- Riverside County developer Kali P. Chaudhuri’s KPC Development Co. has emerged as the proposed buyer of the stalled $1.2-billion Oceanwide Plaza project in downtown Los Angeles, aiming to complete the residential, hotel, and retail complex.
- KPC and partner Lendlease filed a purchase agreement in bankruptcy court with a baseline price of $470 million, pending higher offers by April 9; if approved, KPC plans to start work after due diligence and city approvals.
- Chaudhuri emphasized graffiti removal as a first priority and intends to finish the project as originally envisioned, including housing, a hotel, stores, restaurants, and a massive LED screen wrapping the base of the complex.
- Oceanwide Plaza construction halted in
