'Graffiti towers' in downtown Los Angeles up for sale
Construction work on Oceanwide Plaza stopped in October 2020 after the project's China-based developer ran out of money.
DOWNTOWN LOS ANGELES (KABC) -- A company has been hired to find a developer that will buy and finish the abandoned Oceanwide Plaza, the graffiti-covered skyscrapers in downtown Los Angeles.
Construction work on Oceanwide Plaza stopped in October 2020 after the project's China-based developer ran out of money.
After filing for bankruptcy, the owners have now tasked Colliers and Hilco Real Estate with finding a new buyer for the property.
The building, located near Crypto.com Arena, made headlines earlier this year due to the extensive tagging that occurred on its exterior. The city of L.A. had to step in and get involved, allotting nearly $4 million to clean it up and provide security detail.
Although some say the graffiti is an eyesore, others call it art.
"I wouldn't consider this graffiti or vandalism because people are just showing their art," Jesus Estrada said. "But if they're going to put it for sale, I think it would be the greatest thing because it's going to be opening, and have more open houses for people that want to move in and have a better living in downtown."
The plaza takes up an entire city block on S Flower Street and the property's original designs included three towers that would house condominiums, hotels, retail space and parks.
"This project, and the current condition that it's in, is a representation of the past, and I'm excited about finding somebody who will actually finish it and have it become the gleaming icon that it should always have been," said Colliers Executive Vice President Mark Tarczynski.
He said they will work to find the right fit, but it will be up to the new buyers to decide what will come of the property.
"I hope they clean it up honestly," said resident Ziggie Lavar. "Downtown's already hard. You know, my dog has shoes on, so I hope they clean it up and take accountability of not being there to protect it ... make it look nice again. We pay a lot of money to live down here so I expect it all to be clean."
