Two abandoned skyscrapers in Los Angeles are set to finally be cleaned up after graffiti artists turned them into a notorious symbol of the city’s decline.
The debacle over the eyesore development first began more than a decade ago when a Chinese company named Oceanwide Holdings bought a sprawling lot across from the Crypto.com Arena for $1.2 billion.
The company had ambitious plans to open luxury condos and a hotel. However, construction stalled in 2019 after the Chinese government cut off spending on overseas investments and Oceanwide ran out of funds.
The city has attempted to solve the matter in bankruptcy court, as the three desolate towers have stood empty for years.
During its vacancy, the buildings became known as the ‘graffiti towers.’ Vandals scaled the towers and covered the development with huge tags.
The site also became a hotspot for thrillseekers who filmed stunts like base jumping and tightrope walking there, resulting in dozens of arrests.
Mayor Karen Bass enhanced a police presence in the area and blocked off access to the towers in 2024, but the development stood as a visual reminder of LA’s economic woes.
Signs of hope for an end to the madness came earlier this month when the city withdrew its objections to a modified bankruptcy plan proposed by a new buyer. Although the site was initially bought for $1.2 billion, the new buyer purchased the towers for $470 million.
The debacle over the eyesore development first began more than a decade ago when a Chinese company bought a sprawling lot across from the Crypto.com Arena
Mayor Karen Bass has been facing heightened concerns about crime with City officials under pressure to clean up the streets ahead of the 2028 Olympic and Paralympic Games
The buildings became known as the ‘graffiti towers’ after vandals scaled them and covered the development with huge tags
The notorious site in Downtown became a hotspot for thrillseekers who filmed stunts like base jumping and tightrope walking there, resulting in dozens of arrests
‘Oceanwide Plaza sits at the center of one of Downtown Los Angeles’ most important economic corridors, linking the Convention Center, Crypto.com Arena, LA LIVE, and the broader South Park district,’ Bass said in a statement on Monday.
‘Completing this project is about far more than finishing a building. It’s about restoring confidence, reconnecting a vital commercial corridor, and unlocking the economic potential of one of the city’s most strategic destinations ahead of a transformative decade for Los Angeles.
‘I look forward to an expedited closing and the proposed buyer delivering on their commitments.’
The news is a much-needed win for Bass’s administration amid heightened concerns about crime.
City officials have also been under pressure to clean up the streets ahead of the 2028 Olympic and Paralympic Games.
KPC Development Co emerged as a potential buyer in February. The company has previously erected commercial properties in California and India.
A spokesperson for the parties involved said one of the towers will be designed for an 11-story luxury Park Hyatt hotel above residential floors.
KPC is also building a $300 million hotel next to SoFi Stadium. CEO Kali P Chaudhuri told the Los Angeles Times in February that he was ‘very excited’ about the project.
‘I’ll try my very best to turn it around and make it the jewel of downtown LA,’ he said. Chaudhuri added that his first priority would be to remove the graffiti.
Bass said at the time that she looked forward to working with KPC to revitalize the plaza, writing in a statement, ‘Right in the heart of downtown Los Angeles, the blighted Oceanwide Plaza has been an eyesore for too long due to failed ownership.’
‘With the resurgence of our Downtown and as we prepare to host Olympic and Paralympic events right across the street, I look forward to working with the new ownership to transform this plaza into something that spurs further investment — and that Angelenos can be proud of.’
Developers have pledged to remove the graffiti within 30 days under a new agreement
The construction of the buildings was already more than halfway complete when funding ceased. Pictured above are the towers before they were defaced with graffiti
The sale of the towers comes just in time for the 2028 Olympic and Paralympic Games. The property is across the street from the Crypto.com Arena, which is set to be a centrepiece during the event
KPC founder Kali P Chaudhuri said he was ‘very excited’ to transform the towers
Despite KPC’s interest, the sale had been caught up in bankruptcy court since April as the city struggled to agree on terms.
City attorneys withdrew their objections on Monday, conceding that KPC had agreed to ‘meaningful improvements’ that serve the interests of downtown residents.
‘Today’s ruling reflects months of coordinated work across every stakeholder in this case,’ Sharon Weiss, an attorney representing the buyer, said in a statement.
‘The withdrawal of objections from the City and County, combined with the court’s confirmation, paves the way for the sale to move toward closing.’
Among the terms of the agreement was the immediate removal of graffiti within 30 days.
‘Our team is ready to move from planning to implementation, beginning with graffiti abatement and site cleanup, and ultimately delivering meaningful economic investment, jobs, hospitality and long-term community benefits for Los Angeles,’ Chaudhuri said in a statement to Bloomberg.
