L.A.’s Graffiti Towers Finds Buyer in $470 Million Deal

The plan is to finish the project — and clean up the graffiti — before the 2028 Olympic Games. In early February 2024, L.A. graffiti artists covered downtown’s unfinished Oceanwide Plaza with tags in a matter of days. Mario Tama/Getty Images Share on Facebook Share on X Google Preferred Share to Flipboard Show additional share options Share on LinkedIn Share on Pinterest Share on Reddit Share on Tumblr Share on Whats App Send an Email Print the Article Post a Comment 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. Related Stories Movies Spirit Awards Host Ego Nwodim Jokes About Move From Beach to Hollywood Palladium: "We Don't Have a Permit" News Stephanie Pratt Slams Brother Spencer's L.A. Mayoral Campaign: "A Vote for Stupidity" 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 refreshed and activated in Olympic-ready condition ahead of the 2028 Olympic and Paralympic Games,” a spokesperson for Mayor Karen Bass said in a statement. Last month, a settlement among creditors of the residential complex cleared the way for a potential sale. Under the $470 million acquisition by a joint venture between KPC and Lendlease, $70 million is earmarked to resolve outstanding debts, including back taxes, after which the property will be transferred to KPC Development. In a statement, Oceanwide chief restructuring officer Bradley Sharp said the transaction offers the “best possible outcome given the challenging circumstances around this property.” He added, “It will be the shortest path to completion, and as the city looks forward to the Olympics in 2028, this iconic location across the street from L.A. Live will be a source of pride for Angelenos and a shining example of L.A.’s vibrant culture.” Oceanwide Plaza, located directly across Crypto.com Arena, is part of a yearslong effort to transform part of downtown L.A. into a Times Square-esque destination. The project encompasses three high-rise towers occupying a city block: two 42-story towers and a 52-story tower that includes plans for a luxury hotel. Each tower will have parking, retail, dining and office space, plus a massive LED screen that will wrap across multiple streets. Read More About: Los Angeles THR Newsletters Sign up for THR news straight to your inbox every day Subscribe Sign Up More from The Hollywood Reporter united kingdom ‘The Louis Theroux Podcast’ Returning for Series 7, Sets Launch Date (Exclusive)