Exclusive | LA Graffiti Tower developer has insidious plot to make insane cash before tackling eyesore: Insiders

Insiders say the developer behind the effort to buy the infamous Graffiti Towers could hatch an insidious plot to make a fortune off the project before its even finished — as critics fear the development will end up being a “skeleton with an LED belt.”Developer Kali P.Chaudhuri’s true goal is apparently to switch on the giant digital billboard that wraps around the ugly structure’s base — a move that would net him tens of millions dollars before he even begins to tackle the mess above it, multiple sources, including top real estate and advertising executives, told The California Post.The roughly 50,000 foot digital billboard is the crown jewel of Oceanwide Plaza, also known as the Graffiti Towers.Sources familiar with the project told The Post that the LED billboard would be completed as part of the first phase of the project.

Since the current purchase and sale agreement does not contractually obligate the buyer to a construction schedule or completion timeline, the desire to finish the plaza might be secondary to the billboard, according to commercial real estate execs who specialize in Downtown LA.California's top news, sports and entertainment delivered to your inbox every day.

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Never miss a story If switched on, it would reportedly be the largest in Los Angeles, capable of raking in tens of millions of dollars per year in ad revenue alone, according to an executive at a major outdoor advertising company.The redevelopment project — expected to cost $1 billion to finish — was expected to clear a major milestone with a bankruptcy hearing recently, but that has been pushed back to July 20 as city officials refused to buy into the developer’s plan, which they said lacks details on how the mega-project would be financed and executed.“KPC’s interest in the project is to complete it,” real est...