LOS ANGELES — The graffiti-covered Oceanwide Plaza towers in downtown Los Angeles — an abandoned high-rise development that has drawn attention for massive tagging and daredevil base jumpers — moved closer to a potential sale Monday after a new buyer emerged in bankruptcy proceedings.
Kali P. Chaudhuri, founder and chairman of The KPC Group, which bills itself as “global enterprise” advancing real estate and healthcare, is seeking to purchase and finalize the mixed-use project that stalled in 2019.
“We are excited to move forward with a catalytic investment that creates a path to turn around a key part of Downtown LA,” Chaudhuri said in a statement, noting the property’s proximity to the Convention Center, LA Live and Crypto Arena. “We are eager to work in partnership with the City of Los Angeles and the Downtown community to move quickly on what is truly a keystone project for Downtown revitalization and that will deliver economic benefits across the region.”