Cleanup of Oceanwide Plaza’s graffiti-covered towers has been postponed again because a proposed $470-million sale remains stalled. The city and the designated buyer are seeking concessions from each other, while a federal bankruptcy court has not yet approved the transaction. A court decision was delayed until July 20. The buyer is a partnership led by Kali P. Chaudhuri’s KPC Development Co., with Lendlease as the original contractor. The city has raised doubts about the buyer’s ability to complete the project, which would include housing, a hotel, retail, and restaurants. Oceanwide Holdings previously spent about $1.2 billion and halted construction in 2019 at roughly 60% completion, with estimates suggesting another $1 billion is needed to finish it. Since early 2024, taggers and performers have used the towers as a canvas and backdrop.
"The cleanup of one of the most notorious collections of graffiti in the country has been postponed again as the proposed buyer of the stalled Oceanwide Plaza development in downtown Los Angeles struggles to reach terms with city officials who must sign off on the $470-million sale."
"A federal bankruptcy court has yet to approve the sale. A court decision was delayed for a second time this month until July 20 as both the city and the designated buyer seek concessions from each other."
"In a recent filing, the city expressed doubt about KPC's ability to complete the massive project, which is intended to include housing, a hotel, stores and restaurants. The original developer, Beijing-based Oceanwide Holdings, spent about $1.2 billion on the project before running out of money in 2019 and halting construction at about 60% completion."
"Early in 2024, taggers began turning its skyscrapers into canvases for graffiti. Base jumpers parachuted from its heights, and a performance artist recorded himself teetering along a 1-inch-wide slackline strung between two of the properties' 40-story towers."
Read at Los Angeles Times
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