Bankruptcy Court Clears $470 Million Oceanwide Plaza Sale to KPC Square in Downtown Los Angeles

A U.S. Bankruptcy Court has confirmed a plan of liquidation for Oceanwide Plaza, clearing the way for a $470 million sale of the unfinished mixed-use complex to KPC Square in Downtown Los Angeles, according to an announcement from Hilco Global.

The confirmation, issued July 21, 2026, marks a significant step toward resolving one of the most prominent stalled development projects in Los Angeles. Both the City of Los Angeles and Los Angeles County withdrew their objections to the plan prior to the court's confirmation order.

About the Oceanwide Plaza Asset

Oceanwide Plaza is a mixed-use development located at 1101 S Flower Street in Downtown Los Angeles. The project encompasses approximately 1.5 million square feet across three buildings, with 504 units.

At a confirmed sale price of $470 million — or roughly $313 per square foot — the transaction is being conducted under court-approved bid procedures.

Buyer and Transaction Structure

KPC Square is identified as the buyer in the court-confirmed plan of liquidation. The terms of the transaction structure are undisclosed beyond the confirmed sale price.

The seller is the Oceanwide Plaza bankruptcy estate. The original sponsor, Oceanwide Holdings, was unable to complete the project, leading to the bankruptcy filing and the subsequent liquidation process overseen by the court.

Public Sector Objections Withdrawn

The withdrawal of objections by both the City of Los Angeles and Los Angeles County ahead of the court's confirmation was a notable development in the proceedings. The two governmental bodies had previously raised concerns, and their decision to stand down preceded the court's confirmation of the plan.

Sources

Hilco Global via GlobeNewswire, July 21, 2026