Oceanwide “Graffiti Towers” finds a buyer?

       Late this afternoon (Monday, 2/23/26) articles began hitting the internet confirming a buyer for the long-suffering Oceanwide project.  Then, just an hour ago, the LA Times submitted a confirming article.  We may have a solution to our neighborhood’s most visible problem!

       Court submissions indicate the buyer is KPC Development, a developer of large public projects throughout Southern California who has partnered with Lendlease, the original contractor on the Oceanwide project.  Kali P. Chaudhuri, owner of KPC Development is taking the lead on the effort.  The purchase price is $470 million with estimates of up to one billion dollars to complete.  As Lendlease knows the project well (after fixing 60% before the money ran out), this may mean  a relatively quick completion.  KPC is currently building a $300 million hotel next to SoFi Stadium and an addition to a sprawling mixed-use development on the former site of the Hollywood Park racetrack in Inglewood.  The company is no stranger to large public projects in Southern California and in India. 

       According to the LA Times article, the partnership plans to complete the project as originally conceived, first removing the graffiti, then building out the housing, a hotel, retail space, and restaurants.  “I’m very excited,“ Chaudhuri said.  “I’ll try my very best to turn it around and make it the jewel of downtown LA.”  If all goes well and no higher bidder is found for the property, the court should approve the sale on April 9, 2026. Several months of due diligence and city construction approvals would then follow.  Construction should be able to begin shortly thereafter.

             By:  John Nilsson