Graffiti Tower in Los Angeles Finally Sold
The notorious graffiti-covered tower that has marred the Los Angeles skyline for years has officially found a buyer. Real estate developer Kali Chaudhuri is set to acquire Oceanwide Plaza, which has been in disrepair since 2019 due to financial issues, for $470 million.
Chaudhuri has ambitious plans for the site, claiming he intends to make it “the jewel of downtown Los Angeles.” This project, however, is expected to demand an additional $1 billion to reach completion.
The three towers, located across from the Crypto.com Arena, were left unfinished after the previous developer halted progress when the structure was only about 60% complete. Since then, it has become a canvas for graffiti artists, and even BASE jumpers have taken the opportunity to leap from its heights.
Chaudhuri, who has commercial properties in both California and India and is based in Riverside, expressed his enthusiasm, stating, “I’m very excited.” He mentioned that reversing the current state of the site would be a priority, particularly in addressing the extensive graffiti.
His firm, KPC Development, is also behind a $300 million hotel project near SoFi Stadium and aims to continue the plans set by the previous owners for Oceanwide Plaza.
Future plans for the site include transforming large areas into housing, hotels, and eating establishments, along with a massive LED screen at the base of the towers. The proposal, submitted recently, could move forward if there are no competing offers by April 9, followed by necessary due diligence and construction approvals, which may take some time.
Oceanwide Holdings, based in Beijing, has owned the site since the construction started in 2014. Funding challenges arose partly due to the Chinese government’s restrictions on investments outside the country.
Los Angeles Mayor Karen Bass remarked, “As we revive downtown and prepare to host Olympic and Paralympic events across the street, we look forward to working with the new owners to transform this plaza into something that will attract further investment and that Angelenos can be proud of.”
