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KPC resumes cleanup of Oceanwide Plaza after $517 million bid win
Crews are removing 2024 graffiti from 250 balconies, with KPC expecting to complete cleanup within three months under its court agreement.
KPC Group, the firm working to resurrect Downtown Los Angeles' Oceanwide Plaza, has begun power washing and graffiti removal as part of its renovation effort, according to Commercial Observer. The project had become internationally known for tagged exterior areas, and cleanup has been slower than expected because many of the balcony murals were layered with primer coats and clear sealant.
Commercial Observer reports that cleanup crews are tackling 250 balconies, with individual units taking between 45 minutes and three hours depending on the number of layers to scrub. John Petty, KPC Group's senior partner, said the work is progressing and that KPC expects to finish cleanup in time to meet its agreement to complete it within three months.
The outlet also links the cleanup push to KPC's acquisition of the unfinished complex after a bankruptcy proceeding. In federal court on July 21, a judge cleared KPC's bid for what was originally known as Oceanwide Plaza, enabling the firm to pay $517 million in cash and credit to acquire the project.
Commercial Observer said the deal came with a six-month deadline to complete entitlements and secure additional funding, or the development would be turned over to another bidder. KPC plans to stick with the existing plan, expected to cost $850 million or more, to finish the 2 million-square-foot hotel-residential project, including a large LED screen near Crypto.com Arena that Petty compared to the Times Square of Los Angeles.