- Graffiti Towers DTLA Redevelopment & New Buyers
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Graffiti Towers DTLA Redevelopment & New Buyers
The long-stalled Oceanwide Plaza development in Downtown Los Angeles—often referred to as the “Graffiti Towers”—has taken a major step toward redevelopment after a U.S. Bankruptcy Court approved the sale of the property to a joint venture led by KPC Development and Lendlease. The project is expected to move forward after years of delays, bankruptcy proceedings, and international attention caused by the towers’ massive graffiti.
For Downtown Los Angeles, this is widely viewed as one of the city’s most significant redevelopment projects in years. If completed as planned, the former “Graffiti Towers” could be transformed from a symbol of stalled development into a major residential, hotel, retail, and entertainment destination ahead of the 2028 Olympics.
Purchase details
- Purchase price: Approximately $470 million.
- Buyer: A joint venture between KPC Development Group (led by Kali P. Chaudhuri) and Australian construction and development firm Lendlease.
- The bankruptcy court’s recent approval clears the legal path for the transaction to close after several months of delays over financing, taxes, and creditor concerns.
Immediate renovation plans
The new ownership team plans to begin work almost immediately, with the first priority being:
- Removing the highly visible graffiti from all three towers.
- Improving site security.
- Repairing weather damage that occurred while construction sat idle.
- Inspecting structural, mechanical, electrical, plumbing, and life-safety systems after years without construction activity.
- Preparing the project to resume full construction.
According to recent reports, graffiti removal is expected to begin within weeks of the court’s approval, marking the first visible sign that the project is moving forward.
What the completed project will include
Once completed, Oceanwide Plaza is expected to become one of Downtown Los Angeles’ largest mixed-use developments, featuring:
- Three residential towers
- Hundreds of luxury condominiums
- A five-star Park Hyatt hotel
- Retail shops
- Restaurants
- Entertainment venues
- Public plazas and open space
- Parking facilities
The development sits directly across from Crypto.com Arena and the Los Angeles Convention Center, making it one of the most valuable redevelopment sites in Southern California.
Cost to finish
While the property sold for about $470 million, experts estimate it could require around another $1 billion to fully complete construction because work stopped in 2019 when the original developer, China Oceanwide Holdings, ran out of financing.
Why the project matters
Completing Oceanwide Plaza would:
- Add much-needed housing to Downtown Los Angeles.
- Bring new restaurants, shopping, and hotel rooms.
- Increase activity around Crypto.com Arena and LA Live.
- Help revitalize the South Park district.
- Improve the appearance of one of the city’s most recognizable unfinished developments before the 2028 Olympic and Paralympic Games.
Project timeline
- 2015: Construction begins.
- 2019: Construction halts after financing problems.
- 2024: Towers become internationally known after extensive graffiti covers dozens of floors.
- 2025–2026: Bankruptcy proceedings and multiple competing bids.
- July 2026: Bankruptcy court approves the sale, allowing cleanup and redevelopment to move forward.
- Coming months: Graffiti removal, inspections, and construction mobilization are expected before full-scale building resumes.
