The Oceanwide Plaza project in downtown Los Angeles, initially heralded as a cornerstone of the city's revitalization with its $1 billion investment in 500 luxury condos, a five-star Plaza Hotel, and retail space, remains unfinished. Launched with grand ambitions in 2015 by Chinese backers, the development has stalled due to financial difficulties faced by its parent company. The 27-story building, now covered in graffiti, has become a symbol of the challenges in the real estate sector, drawing attention during events like the Grammys. Despite a cleanup deadline set by the city, efforts to address the situation continue as the community debates the future of the so-called 'Graffiti Tower.'
Oceanwide Plaza's Chinese backers set out a vision of luxury. But today the development remains unfinished, its parent company is out of money and the graffiti-covered tower is adding to a list of local problems for LA officials https://t.co/VCUEimWKY4 https://t.co/ufwAiNt5Zb
L.A.’s Graffiti Tower: 27 floors of the unfinished Oceanwide Plaza were tagged by artists and on display during the Grammys, the town is split on how to proceed https://t.co/3OUQPzkm0e
Cleanup deadline for owners of graffiti-covered high-rise in DTLA passes; city continues efforts https://t.co/mfp0YfdNCA
When plans for the Oceanwide Plaza development were unveiled in 2015, it was billed as a gleaming symbol of downtown Los Angeles’ renaissance. The development’s 🇨🇳 backers laid out a $1B vision of 500 luxury condos, a five-star Plaza Hotel and retail space — all sitting in a… https://t.co/mtvgggiW5P
China property woes leave Los Angeles with a billion dollar tower of graffiti - Oceanwide Plaza remains unfinished and its parent company is out of moneyhttps://www.ft.com/content/4670c7c7-d672-474c-8a0c-446933921f99 via @ft LA 烂尾楼