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Posted on 02/05/2026 11:17:32 AM PST by BenLurkin
Downtown Los Angeles’ infamous graffiti-covered skyscrapers may finally be closer to being cleaned up after a federal judge approved a bankruptcy exit agreement tied to the stalled Oceanwide Plaza development.
The three unfinished towers have dominated the skyline since construction halted in 2019. KTLA’s Omar Lewis, reporting live from downtown Thursday morning, said residents have long pushed for action at the site.
“It’s made the city a laughingstock,” one nearby resident told KTLA. “These buildings have sat empty for years. Something has to be done.”
According to reporting by the Los Angeles Times, a federal bankruptcy judge signed off Tuesday on a deal that resolves disputes among creditors and clears a major legal hurdle toward selling the property.
The Times reported that attorneys for Oceanwide argued in court filings that the agreement would end what they called “value-destructive litigation” and allow the company to shift its focus toward selling the project and confirming a plan to move forward.
The $1 billion, Chinese-backed mixed-use complex was once envisioned as a luxury combination of condominiums, hotel rooms and retail space near Crypto.com Arena, the Times reported. Construction began in 2015 but stalled in early 2019 after developers ran out of money.
As the towers sat vacant, graffiti artists climbed the unfinished structures in 2024, spreading massive murals across the skyline and sparking safety concerns ahead of the 2028 Olympic Games.
(Excerpt) Read more at ktla.com ...
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What’s really sad is that half the people alive today have no recollection of how nice downtown LA was at one time. A great place to work, bustling , new, clean, just made a person proud to be part of it.
I worked in the 444 Building on Flower Street across from the City Library, the Arco Plaza and the weird Bonaventure Hotel. Great place to work and be, both during the working day and on into the mid-evening. Oh, that’s right, it was 1990-1994.
It’s made the city a laughingstock.
The media is quick to blame it on the towers they can’t talk back.
There used to be a club in the Bonaventure called “Fantasia”
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