Vandals breached fencing, climbed dozens of flights, and painted bold, colorful graffiti on three unfinished high-rises of the abandoned Oceanwide Plaza development. The Graffiti Towers, visible from the 110 Freeway and looming over Crypto.com Arena, were expected to be sold in a bankruptcy auction but the sale has dragged on with no clear end. Experts cite high interest rates, rising construction costs and lack of viable bidders as causes for delays. Construction halted in 2019 when Oceanwide Holdings ran out of funds after spending $1.2 billion. Stakeholders say the towers tarnish the neighborhood and that removal will await a new owner.
Early last year, vandals breached fencing, climbed dozens of flights of stairs and painted bold, colorful graffiti on the exterior of three unfinished high-rises that make up the abandoned Oceanwide Plaza development. The so-called Graffiti Towers - visible from great distances on the 110 Freeway and looming over thousands of visitors attending events across the street at Crypto.com Arena - were expected to be sold in a bankruptcy auction a year ago.
Experts blame a confluence of factors, including high interest rates, rising construction costs and delays in attracting viable bidders. Construction on what would have been one of the city's most notable landmarks, with high-rise housing, a hotel and a shopping center, halted in 2019 when Beijing-based conglomerate Oceanwide Holdings ran out of money to pay contractors after spending $1.2 billion on the complex that fills a large city block on Figueroa Street.
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