After many years the vandalised towers are now one step closer to a possible buy
After many years of being one of Downtown Los Angeles’ biggest eyesores, the infamous ‘graffiti towers’ are now looking towards being a potential sale.
A federal judge approved a bankruptcy exit agreement that was tied to the halted Oceanwide Plaza development. The agreement would allow the Chinese company to resolve its financial issues that owed its creditors hundreds of millions of dollars.
Since 2019, the three unfinished towers have overpowered the other buildings in the skyline. Reporter Omar Lewis from KTLA 5 reported live on Thursday morning from Downtown and stated that residents have been pushing hard for action to be taken.
The Los Angeles Times reported that Oceanwide attorneys argued in the court filings that the agreement would end “value-destructive litigation.” This would allow the company to move forward and shift its focus to selling and moving forward.
“Graffiti Towers”Credit: Courtesy Rebecca Louie
The Times also reported that the complex was envisioned to have been a mix of luxury condominiums, hotel rooms, and a retail space. All of this is with the Crypto.com Arena just down the street from the property.
As the buildings remained untouched for so long, graffiti artists began to climb the structures in 2024. This has since sparked concerns for the highly anticipated 2028 Olympic Games.
The towers have become home to base jumper stunts and tightrope walking. A man even got a tattoo of the towers on his back. Artists have also created mini sculptures modeled after the buildings.
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“There’s nothing that punctuates this sort of moment in time better: just the complete evacuation of capital and the hostile takeover by the community in which it stands,” said Sayre Gomez, the artist behind the sculpture. “It’s like something almost gleeful in one end and then kind of almost sad in another.”
Los Angeles City Councilmember Kevin de León has mentioned the financial demand it would take to get the building project completed. Fixing the site would cost far more than $1 billion, along with deep-pocketed private investors.
A potential investor is reportedly in talks to acquire the property. However, any move on the sale depends on the bankruptcy being completed and finalised.