Proposed Oceanwide buyer challenges city’s concerns on financing, development plan

KPC and partner Lendlease have responded to the City of Los Angeles’ concerns over their proposed $470 million purchase of Oceanwide Plaza — claiming they need the certainty of a bankruptcy court’s approval to satisfy concerns on financing and their ability to complete the long-stalled mega-project.  But before going on to list reasons they can’t provide more information — a sticking point for the  city — the entity said in court documents filed on July 6 that there is “only one buyer prepared to close” on a deal for the three-tower, almost 3-million square-foot, unfinished development on Figueroa Street near […]

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