Oceanwide Plaza Could Hit The Auction Block In September
The unfinished, 1.4M SF Oceanwide Plaza in Downtown Los Angeles could be up for auction as soon as Sept. 17.
In its present state, the project at 1101 S. Flower St. has been appraised at $434M, according to The Real Deal.
The development, three towers reaching as high as 49 stories, is expected to cost at least $865M to finish, TRD reported. China Oceanwide Holdings, the parent company of the LLC developing the project, had previously estimated spending more than $1B to finish construction on top of the $1.2B it had already spent to get the project where it is today.
Oceanwide owes its creditors, including EB-5 investors, contractors that worked on the project and the county assessor, more than $400M. Lendlease, the general contractor on the project, and others forced the developer into bankruptcy in February.
Lendlease announced in May that it would exit all of its U.S. and UK construction projects.
Colliers and Hilco Real Estate will run the auction, which will take place online and in person. The auction still has to be approved by the court.
It's unclear who would be the buyer pool for such a large-scale project, especially one that's been at least partly left open to the elements since construction paused four years ago and has more recently attracted graffiti artists.
