{"id":156920,"date":"2026-01-30T19:55:07","date_gmt":"2026-01-30T19:55:07","guid":{"rendered":"https:\/\/www.newsbeep.com\/us-ca\/156920\/"},"modified":"2026-01-30T19:55:07","modified_gmt":"2026-01-30T19:55:07","slug":"las-1-2b-oceanwide-plaza-nearing-deal-to-exit-bankruptcy","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/us-ca\/156920\/","title":{"rendered":"LA’s $1.2B Oceanwide Plaza Nearing Deal To Exit Bankruptcy"},"content":{"rendered":"

Downtown Los Angeles’ high-profile, incomplete\u00a0Oceanwide Plaza<\/a>\u00a0high-rise project has finally reached an agreement with its creditors that will allow it to exit bankruptcy and clears the way for the property to sell,\u00a0Bloomberg reported<\/a>, citing anonymous sources.<\/p>\n

Bloomberg identified the prospective buyer only as a “potential investor.”<\/p>\n

\"Placeholder\"\/<\/p>\n

\n The towers have been in limbo since 2019, when construction ground to a halt.\n <\/p>\n

Under the agreement, developer Oceanwide Plaza LLC will owe\u00a0its lender, LA Development Investment LP, $230M, while a group called U.S. Construction and DTLA Funding would be entitled to roughly $169M for\u00a0mechanic’s liens on the project, according to court filings.\u00a0<\/p>\n

The agreement “resolves a host of complex, multi-party disputes that have dominated this chapter 11 case and a related state court action, threatening to exhaust the estate’s resources with no clear end in sight, except through this Settlement Agreement,” attorneys for Oceanwide Plaza wrote in a Jan. 28 court filing<\/a>.\u00a0<\/p>\n

Bidders for the property have been circling, but the sheer amount of money it will take to complete the project\u00a0\u2014 an estimated $1B\u00a0\u2014 along with the cost to purchase the project has presented challenges\u00a0for financing, Colliers<\/a> Executive Vice President\u00a0Mark Tarczynski<\/a>, part of the team facilitating the sale,\u00a0told\u00a0Bisnow\u00a0in April<\/a>.\u00a0<\/p>\n

The most recent appraisal for the property placed its value\u00a0at $433.9M<\/a>, according to a court document dated Jan. 22, but the value of the incomplete project has been\u00a0hotly debated by its creditors<\/a>.\u00a0<\/p>\n

The trio of towers, which sit in Downtown across from L.A. Live and the Crypto.com Arena, are in a prominent location that will be especially visible in the upcoming Olympic and Paralympic Games. \u00a0<\/p>\n

In a Jan. 28 declaration to the court, the chief restructuring\u00a0officer for Oceanwide Plaza, Bradley Sharp, said the settlement agreement “serves a significant public interest” because of the blight and public safety concerns the project poses as it currently stands.\u00a0<\/p>\n

“A prompt sale and eventual completion of the Project is a major priority for the City and the public at large,” Sharp\u00a0wrote.\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"Downtown Los Angeles’ high-profile, incomplete\u00a0Oceanwide Plaza\u00a0high-rise project has finally reached an agreement with its creditors that will allow…\n","protected":false},"author":2,"featured_media":156921,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[27],"tags":[48,52,51,47,50,49,76766,76767,76769,76768],"class_list":["post-156920","post","type-post","status-publish","format-standard","has-post-thumbnail","category-los-angeles","tag-la","tag-la-headlines","tag-la-news","tag-los-angeles","tag-los-angeles-headlines","tag-los-angeles-news","tag-mark-tarczynski","tag-oceanwide-holdings","tag-oceanwide-los-angeles","tag-oceanwide-plaza"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/posts\/156920","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/comments?post=156920"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/posts\/156920\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/media\/156921"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/media?parent=156920"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/categories?post=156920"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/tags?post=156920"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}