"The development of the now notorious three-tower complex downtown, Los Angeles' graffitied towers, stalled when its owner ran out of money. The development was abandoned and has been stuck in bankruptcy court."
"In October 2016, about two years after purchasing the land, Chinese conglomerate Oceanwide Holdings unveiled plans for the three skyscrapers: a five-star Park Hyatt hotel, luxe residences, retail spots and restaurants."
"The Beijing company said it needed to restructure capital, and contractors slapped it with claims for more than $100 million in unpaid work. Its owner attempted to shop the development and refinance it."
Oceanwide Plaza's $470 million offer is facing resistance in bankruptcy court, with details emerging about a competing all-cash offer from a foreign investment group. This group has partnered with Cityview, which will act as a fee-based developer. The development, which includes three towers in downtown Los Angeles, has been stalled for over a decade due to financial issues. Oceanwide Holdings initially planned a luxury complex but has struggled with unpaid contractor claims and missed payments, leading to its current bankruptcy situation.
Read at therealdeal.com
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