The towers, known to many Angelenos as the "graffiti towers," are beginning a new chapter as work gets underway to remove the extensive tagging from the downtown L.A. complex officially named Oceanwide Plaza.
The three-tower development, once envisioned as a luxury residential project, became an abandoned high-rise complex that attracted graffiti artists and thrill seekers from around the world. The site drew attention for stunts that included tightrope walking between the towers and parachute jumps from the buildings.
Now, two development companies are partnering to complete the project and restore the long-stalled complex.
SEE ALSO: Graffiti towers in downtown LA could soon see cleanup after bankruptcy agreement approved by judge
Graffiti towers could soon see cleanup after bankruptcy agreement approved by judge
"The graffiti will be completely removed from Oceanwide Plaza," said John Petty of KPC Development.
KPC Development and Landlease have purchased the three-tower complex for $517 million and are expected to invest hundreds of millions of dollars more into the project.
Petty said the condition of the buildings has been a positive surprise despite their appearance.
"It actually is much better than it looks from the outside, and a lot of it is salvageable. So we've been very encouraged," he said.
According to the company, the site has been secured with fencing, barbed wire and 24-hour security patrols.
The cleanup effort has been welcomed by residents and business leaders in the surrounding area, who say they are encouraged to see progress at the prominent downtown property.
"We're ecstatic that something is happening," said Debra Shrout of the South Park Neighborhood Association.
Nella McOsker of the Central City Association said the project could become an important symbol for downtown Los Angeles.
"We are very excited at the potential of this symbol of recovery and the way in which it sends a different message to people who are choosing whether or not to come to downtown," McOsker said.
According to the mayor's office, the developers have agreed to remove all of the graffiti from the buildings within the next three months.
The complex won't be open in time for the Olympics in 2028, but they say it will be occupied by the end that year.
RELATED: ABC7 investigation: Why haven't downtown Los Angeles's graffiti-covered towers been cleaned up?
ABC7 investigation: Why haven't downtown Los Angeles's graffiti-covered towers been cleaned up?