Graffiti towers set to be cleared for cleanup and sale

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Set us as preferred The sale of notorious Oceanwide Plaza in downtown Los Angeles is expected to be approved by a bankruptcy court judge, clearing the path for removal of graffiti that has loomed over the city skyline for years and completion of the long-stalled real estate development.Work cleaning the skyscrapers — known informally as Graffiti Towers — will begin immediately, according to the $517-million sale agreement tentatively approved by federal judge Deborah J.Saltzman.

On Monday, the city withdrew its objection to the Chapter 11 sale, saying the buyer had agreed to begin graffiti removal immediately and formally close the sale in six months.The plan will likely lead to substantial movement toward completion of the project ahead of the 2028 Olympics and speed cleanup, which nearby residents and businesses have been demanding.“Completing this project is about far more than finishing a building — it’s about restoring confidence, reconnecting a vital commercial corridor, and unlocking the economic potential of one of the city’s most strategic destinations ahead of a transformative decade for Los Angeles,” Mayor Karen Bass said in a statement.

“I look forward to an expedited closing and the proposed buyer delivering on their commitments.”The approved buyer of the mothballed residential, hotel and retail project is a partnership led by Kali P.Chaudhuri, whose KPC Development Co.

owns and builds commercial properties in California and India.KPC and partner Lendlease, the original contractor for the project, filed an initial purchase agreement with the court in February after a lengthy auction process.The original developer, Beijing-based Oceanwide Holdings, spent about $1.2 billion on the project before running out of money in 2019 and halting construction at about 60% completion.

It will take about ano...