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DOWNTOWN LOS ANGELES () — The new owner of the so-called graffiti towers in downtown Los Angeles is expected to be announced on Monday.
Multiple parties placed bids on the property. The winning bid will become the proposed owner of the Oceanwide Plaza development.
In 2015, a Chinese developer broke ground on the mixed-use development that was intended to house luxury apartments, hotel rooms and retail space. But construction stalled after they ran out of money for the project.
The site was left vacant and then taken over by taggers, who defaced every floor of the buildings with graffiti. It has been an eyesore in the community ever since.
A judge’s approval of a bankruptcy exit agreement could pave the way for a cleanup operation at the so-called graffiti towers in downtown Los Angeles.
City leaders hope the new owners will secure and improve the property immediately.
“I really hope that the new owner is going to be a good neighbor. You know, it’s right across the street from the Convention Center and some have said the graffiti towers are the front door to downtown, and so we want to make sure that… whoever the owner is, takes responsibility and they clean it up,” said Councilmember Ysabel Jurado.
Jurado and other leaders hope the sale of the property signals a renewed confidence in downtown L.A. They say it’s an opportunity to show the city’s economic recovery.
They also hope once the sale is approved, the clean-up of the property will start almost immediately.
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