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Oceanwide Plaza sale in Downtown LA gains bankruptcy court approval
The approval clears the path for a roughly $470 million-plus sale to a KPC Development and Lendlease joint venture and triggers graffiti removal and blight abatement.
Los Angeles Mayor Karen Bass said Tuesday that graffiti removal and blight abatement at Oceanwide Plaza will begin after an earlier Tuesday confirmation hearing approved the project’s liquidation plan in U.S. Bankruptcy Court for the Central District of California.
The court action follows a Monday announcement that it would approve the plan of liquidation for Oceanwide Plaza LLC, clearing the way for a roughly $470 million-plus sale of the long-idle Downtown Los Angeles development to a joint venture of KPC Development and Lendlease, according to ConnectCRE.
Oceanwide Plaza, located at 1101 S. Flower St., is a 1.5-million-square-foot project directly across from Crypto.com Arena. Construction halted in 2019, leaving the development unfinished and largely vacant.
ConnectCRE reported Oceanwide’s chief restructuring officer Bradley Sharp called the confirmation the culmination of a long and complex process, while Hilco Global’s Jeffrey Azuse said the outcome is a strong result for creditors and for the City of Los Angeles.