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2/24/26
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It appears that KPC Development Company, a Riverside-based developer led by Kali P. Chaudhuri, is likely to be named as buyer of the stalled Oceanwide Plaza development in downtown Los Angeles. KPC, in a venture with Lendlease, has offered $470 mil through bankruptcy court proceedings for the troubled mega-project, according to an article by Roger Vincent of the L.A. Times. If a stronger offer does not come through by April 9, the court could finalize this deal.
Early rendering of planned Oceanwide Plaza |
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Oceanwide Plaza encompasses three towers occupying an entire 4.6-acre city block at 1101 South Flower St, across the street from Crypto.com Arena and the Los Angeles Convention Center. Designed by CallisonRTKL, the development is slated to contain a 184-room Park Hyatt hotel, 164 luxury condominiums, over 500 residential units, 161.3k sf of retail space, and private parks. The $1.2 bil project, which also will include a very large LED electronic sign, is expected to span 1.5 msf of real estate in the heart of downtown Los Angeles.
Oceanwide Plaza was being developed by Beijing-based Oceanwide Holdings, who acquired the site in 2014 and went to work on the development soon after. They completed close to 60% of the towers before running into major financial problems back home in China in 2019 that led to their eventual exit from the project. By 2024, Lendlease, as general contractor, forced the property into Chapter 11 bankruptcy to try and recover nearly $400 mil owed to creditors. The development is estimated to cost roughly $800 mil to $1 bil to complete.
In 2024, Oceanwide Plaza gained national attention after taggers climbed the towers and covered much of the development with graffiti. This, and other illegal actions by people looking for attention, forced the city of Los Angeles to spend $4 mil in costs for cleanup and security at the expansive property, partly in an effort to prevent additional acts of vandalism.
KPC Development, with offices in Corona, has been an active developer in India and Southern California. According to the firm’s website, they are actively engaged in developing and constructing over 8 msf of commercial real estate. Their development portfolio encompasses hotels, resorts, mixed-use developments, and educational institutions, including hospital and office properties in Orange County and the Inland Empire, and a 74-story tower in Kolkata, India.
A Colliers team led by Mark Tarczynski and Adam Tischer have the marketing assignment for the property.
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