Lendlease Construction, the general contractor on Oceanwide Holdings' eponymously named Oceanwide Plaza, has officially exited the Staples Center adjacent mixed-use project after being awarded a $42 million judgement in court proceedings. Oceanwide Holdings is to go before a federal judge early October in its bid to fight enforcement of the judgement.
This is not the first time that financial short comings stalled the project. In 2019, construction halted as Oceanwide fell behind on payments and it was claimed that $100 million was owed to contractors. Oceanwide struck a deal with Lendlease in March of 2020 for $100 million, only to default on the agreement 3 months later. To resume construction, the Chinese real estate conglomerate must now find a new contractor.
The project, if and when it restarts, promises to be one of the biggest developments in Los Angeles with hundreds of condo units, a luxury hotel and a 150,000-square-foot open air mall.
Oceanwide Holdings is currently trying to sell off multiple assets to settle the outstanding debt.
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