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LA's Graffiti Towers Near Sale After Bankruptcy Deal
2 Feb
Summary
- Unfinished $1.2 billion Oceanwide Plaza project in LA is nearing a sale.
- The project halted in 2019 and became known as 'Graffiti Towers'.
- The 2028 Olympic Games add urgency to resolve the derelict site's status.
The skeletal Oceanwide Plaza complex in downtown Los Angeles, a $1.2 billion project halted in 2019, is moving toward a sale. Known as 'Graffiti Towers' after being extensively tagged in 2024, the unfinished high-rises have cleared a significant legal blockade through a bankruptcy exit deal with creditors, as reported on January 28. This development prioritizes the project's prompt sale and eventual completion for the city and its residents.
The impending 2028 Los Angeles Olympic Games add considerable urgency to resolving the derelict site. Its proximity to competition venues and expected visitor routes makes the graffiti-covered complex a conspicuous eyesore. Officials aim to clean up this prominent scar on the city skyline before the world's attention turns to Los Angeles.
While a bankruptcy deal clears legal obstacles, substantial practical and financial challenges remain. Any buyer must confront millions in construction costs, ongoing maintenance, and market viability in a post-pandemic, high-cost environment. Removing graffiti and repairing the exposed structure present significant hurdles beyond cosmetic cleanup.
City leaders, including Mayor Karen Bass, have sought to address the situation, framing it as a public safety and trespassing issue. Although the city approved funds for enhanced security and graffiti removal, a plan to spend taxpayer money on cleaning the privately owned towers was quietly abandoned in early 2025 due to responsibility concerns.
