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Buyer for Oceanwide Plaza's infamous graffitied towers emerges - Los Angeles Times

Los Angeles Times
by Roger Vincent
February 23, 2026
AI-Generated Deep Dive Summary
A buyer has emerged for the Oceanwide Plaza project in downtown Los Angeles, which has been stalled since 2019. The proposed purchaser is a partnership led by Kali P. Chaudhuri of KPC Development Co., known for commercial properties in California and India. Under bankruptcy proceedings, an initial purchase agreement was filed with Lendlease, the original contractor, setting a baseline price of $470 million. If no higher offer is received by April 9, the sale could be approved, allowing KPC to take ownership and resume construction. Chaudhuri expressed excitement about transforming the iconic but graffiti-covered complex into a "jewel" of downtown LA, prioritizing graffiti removal and completing the project as originally envisioned. The Oceanwide Plaza project was once intended to be a luxury residential, hotel, and retail development with three towers and a five-star hotel. Work halted in 2019 due to financial issues, leading to its fame as a graffiti-covered landmark on Figueroa Street. The complex, near major LA venues like Crypto.com Arena, has been a striking yet neglected presence in the South Park neighborhood. Early estimates suggest completion costs could reach $865 million, with the project being 60% complete. The sale of Oceanwide Plaza matters to real estate enthusiasts and investors as it highlights challenges faced by international developers in the U.S. market, particularly those from China, which has restricted outbound investments. The project's revival under KPC Development Co. could bring economic revitalization to downtown LA, transforming its troubled status into a thriving hub with luxury housing, hotels, and retail spaces. This deal underscores the potential for reinvigorating high-profile yet stalled projects, offering hope for urban renewal in key areas of Los Angeles.
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Originally published on Los Angeles Times on 2/23/2026