Riverside County real estate developer set to buy graffiti towers in downtown Los Angeles
ABC7 Los Angeles • • business
Key Points:
- KPC Development Group and Lendlease have formed a joint venture to purchase and complete the stalled Oceanwide Plaza development in downtown Los Angeles for $470 million, pending bankruptcy court approval.
- The unfinished three-tower complex near Crypto.com Arena has been abandoned for nearly a decade and heavily vandalized with graffiti, becoming an eyesore in the community.
- City leaders, including Mayor Karen Bass and Councilmember Ysabel Jurado, view the potential sale as a significant step toward downtown revitalization and economic recovery, especially with upcoming Olympic events nearby.
- The new owners plan to finish the project as originally intended, featuring luxury apartments, a hotel, restaurants, and retail spaces, with hopes for immediate cleanup and redevelopment once the sale is
