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$470M Deal to Finish LA's Stalled Oceanwide Plaza
24 Feb
Summary
- A $470 million deal is set to complete the stalled Oceanwide Plaza.
- The project is a priority for Los Angeles ahead of the 2028 Olympics.
- The 2028 Games provide urgency and a timeline for the stalled project.
The unfinished Oceanwide Plaza complex in downtown Los Angeles is on the verge of being completed following a $470 million deal. KPC Development Co. entered into this agreement with Lendlease, the original contractor, marking a significant step towards revitalizing the $1.2 billion project.
The stalled construction, which halted in 2019, has led to the skyscrapers being nicknamed the 'Graffiti Towers' and has become an eyesore on the city's skyline. Completion of the plaza is a major priority for Los Angeles, particularly with the 2028 Olympic Games on the horizon.
Mayor Karen Bass's spokesperson stated that ensuring the site is refreshed and activated in an Olympic-ready condition by 2028 is paramount. The acquisition, which includes $70 million to resolve outstanding debts, is seen as the shortest path to completion.
Oceanwide Plaza, located across from Crypto.com Arena, is intended to transform a city block into a Times Square-esque destination. It comprises two 42-story towers and one 52-story tower featuring a luxury hotel, parking, retail, dining, and office spaces, all intended to be a source of pride for the city.
