A Riverside County developer has stepped forward with plans to revive the stalled $1.2-billion Oceanwide Plaza in downtown Los Angeles, a project notorious for its years of construction delays and recent transformation into a massive canvas for graffiti artists. The proposed buyer, a partnership led by Kali P. Chaudhuri of KPC Development Co., intends to complete the sprawling complex, which includes residential, hotel, and retail spaces.
The deal, filed as an initial purchase agreement in federal bankruptcy court on Monday, establishes a baseline price of $470 million for the property. If no higher qualified offer is received by April 9, the court could approve the sale, paving the way for a much-needed revitalization of the high-profile, yet blighted, site. Chaudhuri expressed his enthusiasm, stating, “I’m particularly excited,” and promising to “try my very best to turn it around and make it the jewel of downtown L.A.”
KPC Development Co., based in Corona, California, is already making waves in the region with the construction of the $300-million Kali Hotel next to SoFi Stadium in Inglewood, a project adjacent to Rams owner Stan Kroenke’s Hollywood Park development. This experience positions KPC as a capable developer to tackle the complexities of finishing Oceanwide Plaza.
