Overview
- The proposed buyer is a partnership led by Kali P. Chaudhuri’s KPC Development with original contractor Lendlease, establishing a court-supervised price floor for the stalled three-tower project.
- Court filings show the $470 million offer is structured as $70 million in cash plus a $400 million credit bid by secured creditors.
- Chaudhuri said removing the graffiti would be the first priority and that the plan is to complete the housing, hotel and retail elements once due diligence, permits and financing are in place.
- City leaders, including Mayor Karen Bass and Councilmember Ysabel Jurado, welcomed the prospective transfer and urged immediate securing and cleanup of the high-profile site.
- A Colliers appraisal filed in 2024 valued the complex as-is at about $434 million and estimated roughly $865 million to finish construction, highlighting a significant completion funding gap.