Seven years after stalling out and beginning its transition into a graffiti-covered eyesore for Downtown Los Angeles, the unfinished Oceanwide Plaza development finally has a buyer.

Hilco Global has announced that KPC Development Co. and Lendlease have filed an initial purchase agreement in federal bankruptcy court to acquire the stalled project at 1101 S. Flower Street for $470 million. If no higher bids are submitted by April 9, the sale could be approved by the court.

“We’re encouraged to see the next step in the sale process moving forward through the bankruptcy court," reads a statements released by Mayor Karen Bass. "The City of Los Angeles is eager to see an expeditious close on the Oceanwide Plaza site to new ownership following the April 9, 2026 hearing. Our priority remains ensuring the site is refreshed and activated in Olympic-ready condition ahead of the 2028 Olympic and Paralympic Games.”

The three-tower complex, which spans a full city block across the street from Crypto.com Arena, includes three towers rising above a shared retail podium. As initially planned by Oceanwide Holdings, the Chinese-based real estate firm which acquired the site in 2014, the towers were to contain 504 condominiums, a 184-room hotel, and a 150,000-square-foot retail podium. However, work on the project stalled in 2019 following months of rumored cost overruns, and in the wake of new restrictions on outbound investment imposed by the Chinese government. Years later, as the site sat unattended, the towers became a magnet for graffiti artists who tagged the trio of buildings from top to bottom.

Rendering of Oceanwide PlazaVisualhouse

The prospective buyers reportedly intend to complete work on the project as initially envisioned by Oceanwide Holdings - something which the Los Angeles Times reports could an additional investment of $865 million to more than $1 billion to achieve. The first step in that process would be the completion of a large LED screen which would wrap the full Figueroa Street frontage of the property between 11th and 12th Streets.

KPC Development Co., one part of the acquisition team, is currently developing a $300-million hotel complex near SoFi Stadium in Inglewood. 

Lendlease, which also served as Oceanwide Plaza's general contractor prior to the stop of work, is currently partnering on a large mixed-use complex taking shape next to Metro's La Cienega/Jefferson Station. The company had previously announced its intent to exit the U.S. market.

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