Oceanwide Plaza Sale Primed To Move Forward
The sale of the $1.2B Oceanwide Plaza may finally be able to proceed after a bankruptcy judge told attorneys she intended to approve the plan to sell it off.
In a critical turn, attorneys for the city of Los Angeles on Monday withdrew their objections to developer Oceanwide Plaza LLC’s plans to liquidate the asset after the inclusion of provisions in the plan to speed up graffiti removal, mitigate blight at the property and quickly close a sale.
The changes have made it more likely that the incomplete project, which has sat in limbo in a prominent Downtown location for more than six years, will…