Downtown Los Angeles' Oceanwide Plaza, a once-promising three-tower residential, retail, and hotel development, has become a significant real estate challenge. The project, which ground to a halt in 2019, is now graffiti-covered and headed to a foreclosure auction this fall. The towers, partially completed with approximately $1.2 billion already invested, face potential demolition due to their outdated design and financial viability issues. Potential buyers are considering whether to complete the original plans or demolish the structure at an estimated cost of $100 million. The property's value is contentious, with estimates ranging from $434 million to zero. The development's future remains uncertain as stakeholders debate its fate. Mark Tarcynski of Colliers, overseeing the sale, noted the project's viral notoriety.
These condos near the beach start at $2 million. https://t.co/5QWuyy7Qxt
Formerly owned by Location Ventures & Rishi Kapoor, this Coral Gables site could be developed with a condo allowing short-term rentals https://t.co/mguAX8mpPf
It'll have apartments and retail around a plaza and greenspace. https://t.co/tZCWiEbKHJ
A major obstacle in making downtown L.A.’s graffiti-covered Oceanwide Plaza project financially viable is the design of the residential towers, which were intended to be filled with large high-end condominiums or apartments. https://t.co/fhw747bwiu
The condo's amenities will include a pool, a jacuzzi, a club room, a gym and a dock with room for two boats. https://t.co/OzJjvbm7n7
The new business park will feature amenities such as a lawn area, seating, yard games and more. https://t.co/NjLa8pxrdj
The fastest path forward for a new owner of downtown L.A.’s graffiti-covered Oceanwide Plaza would be to complete the original plans for the three-tower residential, retail and hotel development that ground to a halt in 2019. https://t.co/fhw747bwiu
“It’s about two-thirds of the way done, with about $1.2 billion already invested in it,” said broker Mark Tarcynski of Colliers, who is overseeing the efforts to sell the graffiti-covered towers of Oceanwide Plaza in downtown L.A. https://t.co/fhw747bwiu
Should a buyer finish LA’s Oceanwide Plaza or demolish it at a cost of $100M? https://t.co/RBzl2lF1Wi
The property could be redeveloped with luxury condos and a hotel. https://t.co/7prfgWkLT1
The abandoned Oceanwide Plaza in downtown L.A. became internet famous after its graffitied towers went viral. https://t.co/fhw747bwiu
Credit where credit is due: This LA Times piece about the stalled, graffiti-blighted Oceanwide project in DTLA is excellent. Per people quoted: As-is value is somewhere between the $434MM Colliers puts on it and the $0 an experienced developer put on it. Think it's possible… https://t.co/ox9WvYx7uC
"Carcass of an overscale development": Can downtown L.A.’s graffiti-covered towers be saved? https://t.co/fhw747aYsW
Now what? Potential buyers have kicked the tires at graffiti-splashed Oceanwide towers and an auction is coming, but the whole project may need to be demolished one floor at a time. https://t.co/CAdIul2scD
Plan Commission approved Onni Group's proposed $1.1 billion mixed-use development at 700 W. Chicago Ave. in West Town. To be built across three phases, the proposal includes up to 2,451 mixed-income residences, 280 hotel keys and 1.9 acres of public open space. https://t.co/k5FFuhpfFr
Downtown LA’s ‘Graffiti Towers’ Headed to Foreclosure Auction This Fall https://t.co/VjA1PY13eB
Forget the graffiti. L.A.'s most notorious skyscrapers have a much bigger problem @latimes subscribers get early access to the latest from @rogervincent on the saga playing out in downtown Los Angeles. Subscribe today! https://t.co/BPlJC6S0Xh
Downtown L.A.'s graffiti-covered Oceanwide Plaza is a real estate disaster. Can it be saved? https://t.co/fhw747aYsW
The graffiti is one thing. But downtown LA's most notorious skyscrapers have a bigger problem: They were not designed for a post-pandemic world https://t.co/ke5OXOODS4