The sale of notorious Oceanwide Plaza in downtown Los Angeles is expected to be approved by a bankruptcy court judge, clearing the path for removal of graffiti that has loomed over the city skyline for years and completion of the long-stalled real estate development.
Work cleaning the skyscrapers — known informally as Graffiti Towers — will begin immediately, according to the $517-million sale agreement tentatively approved by federal judge Deborah J. Saltzman.
On Monday, the city withdrew its objection to the Chapter 11 sale, saying the buyer had agreed to begin graffiti removal immediately and formally close the sale in six months.
The plan will likely lead to substantial movement toward completion of the project ahead of the 2028 Olympics and speed cleanup, which nearby residents and businesses have been demanding.
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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. It will take about another $850 million to finish it, said John Petty, executive vice president of real estate and construction for KPC.
KPC will complete the project as designed, Petty said, with 504 residential units, a luxury hotel and a shopping center. While graffiti removal will begin within two weeks, he said, construction will start after the sale closes. The immediate goal is to get the complex looking nearly finished from the outside in time for the Olympics, Petty said.
IMG_1465 by David Z, on Flickr
IMG_1466 by David Z, on Flickr
IMG_1467 by David Z, on Flickr
IMG_1468 by David Z, on Flickr
