Two abandoned skyscrapers in downtown Los Angeles, long known as the "graffiti towers" due to extensive vandalism, are set to be cleaned up and completed following a decade-long stagnation. The Oceanwide Plaza development, located across from the Crypto.com Arena, stalled in 2019 when its original Chinese developer, Oceanwide Holdings, ran out of funds due to overseas investment restrictions.
During its years of vacancy, the unfinished towers became a canvas for graffiti artists and a site for dangerous stunts, including base jumping and tightrope walking, which led to numerous arrests. The development stood as a stark symbol of the city's economic challenges.
Mayor Karen Bass's administration has taken steps to address the site. In 2024, police presence was enhanced, and access to the towers was blocked. City officials have been under pressure to improve the urban landscape ahead of the 2028 Olympic and Paralympic Games, for which the Crypto.com Arena is a planned venue.
Signs of progress emerged earlier this month when the city withdrew its objections to a bankruptcy plan proposed by a new buyer, KPC Development Co. The new buyer acquired the towers for $470 million, a significant reduction from the original $1.2 billion purchase price over a decade ago.
KPC Development Co, which has experience with commercial properties in California and India, has pledged to remove the graffiti within 30 days of closing the sale. The company's founder, Kali P. Chaudhuri, expressed enthusiasm for the project, aiming to transform the site into a "jewel of downtown LA." One of the towers is planned to house an 11-story luxury Park Hyatt hotel above residential floors.
"Completing this project is about far more than finishing a building," Mayor Bass stated. "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."
The sale's progression through bankruptcy court involved extensive negotiations. City attorneys withdrew their objections after KPC Development Co agreed to implement "meaningful improvements" beneficial to downtown residents. The withdrawal of objections and court confirmation pave the way for the sale to finalize.
This development represents a significant, much-needed positive development for Bass's administration, particularly amid ongoing concerns about crime and the city's preparations for the upcoming international sporting event.