These High-Rise Eyesores in LA Just Got Sold
Stock photo of Oceanwide Plaza. (Getty Images/MattGush)
Downtown Los Angeles’ trio of graffiti-covered skeleton towers could finally be heading toward completion after years of sitting unfinished. A joint venture between California-based KPC Group and construction firm Lendlease has agreed to buy the stalled Oceanwide Plaza project out of bankruptcy for $470 million. The group is also planning to secure up to $800 million more to complete construction, according to reporting from the Wall Street Journal.
The three towers—rising as high as 55 stories—have remained half-built since 2019, when the Chinese developer behind the project ran out of funding. Since then, the empty structures have become widely known for attracting BASE jumpers, copper thieves, and graffiti artists.
“Oceanwide Plaza is structurally sound and substantially complete, which gives us a real opportunity to move quickly,” said John Petty, who leads real estate and construction for KPC Group.
KPC owner Kali P. Chaudhuri said he is enthusiastic about reviving the development and plans to give it a new name. “I’ll try my very best to turn it around and make it the jewel of downtown LA,” he said in comments reported by the Los Angeles Times.
City leaders are hoping the long-delayed project’s completion will help revitalize downtown Los Angeles, an area that has struggled with pandemic-related vacancies, wildfire impacts, and waves of protests in recent years. Officials have already spent millions of dollars on fencing and law enforcement to secure the abandoned site.
Local business owners say the unfinished complex has weighed on the surrounding neighborhood. Meanwhile, community groups and property owners are working to improve the area ahead of a busy slate of major events, including the FIFA World Cup, another Super Bowl, and the 2028 Summer Olympics.
The project’s new owners hope to complete most of the development—likely starting with the hotel and retail spaces—before the Olympics arrive in Los Angeles. A spokesperson for Los Angeles Mayor Karen Bass said the city’s priority is ensuring the site is “refreshed and activated in Olympic-ready condition” ahead of the 2028 Summer Olympics and Paralympic Games.
The sale will move forward if no higher bids appear before April 9 and the bankruptcy court grants final approval.
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