KPC Development Buys Oceanwide Plaza for $517 Million

A joint venture between KPC Development and Lendlease has purchased the Oceanwide Plaza complex in downtown Los Angeles for $517 million. The three-tower luxury development, known as the Graffiti Towers, stalled in 2019 after the original developer, China Oceanwide Holdings, faced financing issues. The sale was approved by U.S. Bankruptcy Judge Deborah Saltzman after the City of Los Angeles and Los Angeles County withdrew their objections to the Chapter 11 sale.

Cleanup operations began on July 23, 2026, with the new owners committing to remove all visible graffiti within three months. While the developers estimate an additional $800 million is required to complete the residential, hotel, and retail complex, they expect the site to be occupied by the end of 2028. The project will not be fully open for the 2028 Olympic and Paralympic Games, but the owners aim to have it aesthetically finished by then.

Mayor Karen Bass stated that completing the project is about restoring confidence and unlocking the economic potential of a strategic commercial corridor. The final complex is planned to include 504 residential units and a luxury hotel.