Overview
- The bankruptcy court confirmed a revised Plan of Liquidation on Monday, removing legal barriers to sell the long-stalled Oceanwide Plaza.
- KPC Square, a joint venture between KPC Group and Lendlease, is the approved buyer under a transaction reported at roughly $470 million to $517 million.
- The confirmed plan requires visible graffiti removal to begin within 30 days and for broader blight abatement to be completed within a 30–90 day window, and crews have already started work on-site.
- KPC has about six months to close the purchase under the court schedule, with backup-buyer provisions and extensions allowed only by unanimous agreement of the court, KPC and Oceanwide Plaza LLC.
- The buyers say they will invest roughly $800 million–$850 million after closing to finish the 1.5 million-square-foot, three-tower project and officials say the early goal is visible exterior progress on the corridor before the 2028 Olympics, though permitting and financing hurdles remain.