Yahoo Finance These $1 Billion Abandoned Skyscrapers in Los Angeles May Soon Be Revived
Photo: Mario Tama/Getty Images
A trio of abandoned skyscrapers in Los Angeles may soon get a new lease on life, reports the Wall Street Journal. According to the paper, a new, unnamed buyer has recently emerged, who hopes to take the half-finished development over the finish line.
Known as Oceanwide Plaza, the buildings were planned as a collection of luxury condominiums with retail and hospitality space as well. The complex was designed by CallisonRTKL and included three towers, the tallest of which planned to reach a total height of 675 feet and 49 floors. Construction started in 2015 but stopped just four years later in 2019, when its developer, Beijing-based Oceanwide Holdings, ran out of money. Before the financial issues, the business put over $1 billion into the project.
27 Floors Of Unfinished L.A. Luxury Skyscraper Tagged With Graffiti
The uncompleted towers have been vacant ever since and represent a stark reminder of America’s declining downtowns, particularly post-pandemic. Early this year, graffiti artists tagged the buildings, highlighting their empty states even more. “It was like a gift from the graffiti gods…. A giant canvas in the middle of downtown,” a graffiti artist who goes by the name ENDEM told CNN in April about tagging the building. “We were like, ‘Let’s do it right. Let’s do it as if the whole world is going to see this.’” Much of the world did see it, solidifying the towers as one of the most notorious unfinished developments.
Though not as visible as street art, much has been happening behind the scenes as well. Early this year, secured lenders for the buildings, who say they’re owed more than $350 million, filed an involuntary bankruptcy petition against the owner. Through these proceedings, an unnamed LA-based developer is in talks to acquire the buildings for $500 million “if no higher bid emerges by a bankruptcy-bid deadline scheduled for mid-August or at a September 17 auction,” reports the Wall Street Journal.
27 Floors Of Unfinished L.A. Luxury Skyscraper Tagged With Graffiti
It’s estimated that it will require at least $800 million in work to finish the abandoned skyscrapers in Los Angeles. If purchased by the local developer, it is reported that they’d complete the towers following CallisonRTKL’s original plans. “This project’s going to be completed,” Jeff Azuse, executive vice president of Hilco Real Estate, which is working on behalf of Oceanwide, told the Wall Street Journal. “Now somebody can come in and essentially take over from where the previous ownership stopped and finish it.”
Originally Appeared on Architectural Digest
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