Theirs is mostly a credit bid<\/a>. Lendlease was the one-time general contractor for the stalled megadevelopment, and KPC came into the mix via its purchase of another creditor\u2019s claim. The city pleaded for more time in March, basically to see if KPC was up for the job. It needed to assess whether KPC and Lendlease could close the deal, land financing and complete the graffiti-covered towers.\u00a0<\/p>\n After its due diligence, the city no longer thinks KPC can do that based on the information it currently has. In court documents dated May, the city said it expected the purchaser to provide a concrete plan, which it allegedly has not done. \u201cThe proposed purchaser has not provided materials sufficient to close the gap between the city\u2019s stated requirements and the proposed purchaser\u2019s current development plan,\u201d the documents read.<\/p>\n \u201cThe sale contemplated \u2026 is premised on a development plan that \u2014 as presently proposed \u2014 is not approvable by the city,\u201d the attorneys wrote.<\/p>\n The decision comes after six meetings with KPC, discussions with Lendlease and a visit to the eyesore in the heart of downtown. Issues and uncertainty surrounding entitlements and financing are the key reasons behind the opposition. Plus, the city wants a detailed phasing plan and a construction schedule, which it says it hasn\u2019t received \u2014 not plans on pursuing tower signage, which the potential buyers apparently have provided via verbal presentations.\u00a0<\/p>\n The latest communications the city had with the purchaser earlier this month included \u201climited financing information and a proposed construction schedule and development plan for only phase 1 of the project,\u201d per the documents.\u00a0<\/p>\n That\u2019s not enough for the City of Los Angeles, which concluded that the confirmation should be denied at this point. The hearing isn\u2019t until July, so the city and the buyers still have time to get on the same page. But there is another offer on the table<\/a>, if they don\u2019t.<\/p>\n A spokesperson for the joint venture said KPC and Lendlease have shared a plan with the city and its many departments. \u201cWe continue to meet with the city, respond to questions in good faith and address outstanding issues as part of the ongoing review process,\u201d the spokesperson said.<\/p>\n Representatives for Oceanwide and the city did not immediately respond to a request for comment.\u00a0<\/p>\n \tRead more \t\t\t\t\t\t\t\t\t\t\t\t\t The Oceanwide Plaza saga: Sean Burton\u2019s Cityview becomes backup for graffiti-covered eyesore<\/p>\n
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![\"KPC](\"https:\/\/www.newsbeep.com\/us-ca\/wp-content\/uploads\/2026\/04\/1776728110_797_Oceanwide-Plazas-Proposed-Purchase-Faces-Push-Back--200x133.jpg\")
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