Oceanwide Plaza

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Oceanwide Plaza
Oceanwide Plaza III, II, I in construction (July 2022).JPG
Oceanwide Plaza
Interactive map of Oceanwide Plaza
Alternative namesGraffiti Towers
General information
Statuson hold (since 2019; 6 years ago)
TypeRetail and residential
Location1101 Flower Street
Los Angeles, California
Coordinates 34°02′33″N118°15′55″W / 34.04250°N 118.26528°W / 34.04250; -118.26528
Construction started2015; 10 years ago
Cost$1 billion
Owner Oceanwide Holdings
Management Oceanwide Holdings [1]
Height
HeightTower 1: 677 feet (206.4 meters), Towers 2 & 3: 530 feet (161.5 meters)
Architectural677 ft (206.4 m), 530 ft (161.5 m)
Roof677 ft (206.4 m), 530 ft (161.5 m)
Technical details
Floor countTower 1: 49 (4 below ground), Towers 2 & 3: 40
Floor area2 million sq ft
Lifts/elevators49
Design and construction
Architect RTKL
Developer Oceanwide Holdings [1]
Structural engineerEnglekirk Structural Engineers
Main contractor Lendlease
Website
http://www.fhkg.com/index.php/Ch/En/Industrial/infor_gk/id/51

Oceanwide Plaza is an unfinished residential and retail complex composed of three towers in downtown Los Angeles, California, across the street from Crypto.com Arena and the Los Angeles Convention Center. [2] The complex, designed by CallisonRTKL, is owned by the Beijing-based developer Oceanwide Holdings.

Contents

Construction began in 2015 and was originally scheduled to be completed by early 2019. [3] However, construction stopped when Oceanwide Holdings ran out of funds in 2019. [4] It is unknown when the complex will open; development has been beset by financing problems related to ongoing geopolitical tensions between the US and China. [5] [6] [7] In late January-early February 2024, the site regained attention when at least 27 floors of multiple towers at the complex were tagged with graffiti, becoming known as the Graffiti Towers. [8]

Design

Oceanwide Plaza was designed by CallisonRTKL. Tower one was designed to feature a 184-room five-star Park Hyatt hotel and 164 Park Hyatt serviced condo residences, a live-in hotel option. It was designed to reach a total height of 675 ft (206 m), 49 floors. Towers two and three were designed to have 504 residential condominiums. [6] They were designed to reach a total of 530 ft (160 m), 40 floors in height. [1] A retail mall was designed for the first three floors above ground with 153,000 sq ft (14,200 m2) of retail space. [9] The 9th floor was designed to feature a two-acre private park. [10] The 504 residences were designed to provide concierge services, indoor amenities, and a private deck along with an outdoor area for recreation and gatherings. [11]

History

The site was a vacant parking lot used by Crypto.com Arena patrons in the South Park neighborhood of Downtown Los Angeles. The site is immediately northwest of Los Angeles Metro Rail's Pico station. [12] [13] [14]

This development is part of a group of projects being developed on Figueroa Street in the 2010s, which allowed the addition of giant video advert screens facing Crypto.com Arena. Nearby projects include the Circa Towers and the Luxe Development. Oceanwide renderings also featured large ribbon-style video LED screens. [15] [16]

The three apartment towers began construction in April 2018. By January 2019, interior construction on the project was put on hold. The developer cited restructuring of capital and indicated work on the plaza would resume "shortly". [17] [18] [7] Contractor Lendlease suspended work until late March 2019, when it was announced that construction had resumed after nine active liens had been filed by subcontractors totaling US$98.6 million. [19] Due to the three-month pause in work, the opening date was delayed to an unknown date. [20] Media reported that the towers were stuck in limbo over unpaid work and pending lawsuits. [21] The towers were an example of Chinese reductions in capital and investing in US real estate due to China's communist government's crackdown on capital flight due to its real estate financial crisis exacerbated by a US trade war. [5] Completion of work was reported to be uncertain and all work was put on hold in late 2019. [4]

The Oceanwide Plaza became involved in more controversy in 2020, when former Los Angeles City Councilmember, Jose Huizar, who had represented the Downton area and chaired the Council's Planning Committe, was arrested on charges that he had accepted bribes from several developers, including China-Oceanwide, in exchange for allowing their projects to continue. [2] By November 2022, the construction cranes were removed from the towers due to ongoing financial and legal issues, signaling further delays for the project. [22]

After China-Oceanwide failed to pay its debts, the project was foreclosed on by June 2023 and listed for sale. No asking price information was released. China-Oceanwide owed $157 million to a group of EB-5 lenders and planned to repay them from the proceeds of the sale. Lendlease filed a claim in court that it should be first in line for payment in the foreclosure sale. Lendlease also filed with the California Court of Appeals to invalidate the EB-5 loans altogether, claiming fraud and misrepresentation. In filings with the Hong Kong Stock Exchange, China-Oceanwide said that more than $1.2 billion was needed to finish the project and that they had already spent $1.1 billion. They removed the building from the sale. [23] [24]

Oceanwide Plaza graffiti Oceanwide Plaza-L.A. Graffiti Towers.jpg
Oceanwide Plaza graffiti

In late December 2023, three taggers, Akua, Sour, and Castle, broke into the tallest building of Oceanwide's three towers and spray painted their names across its floor to ceiling windows. [25] Following the event, more members of Los Angeles’ graffiti community began to participate throughout late January and early February 2024 in tagging the skyscrapers. [26] Around the same time the tagging escalated, base jumpers also broke into Graffiti Tower 1 and filmed themselves jumping off of it. [27]

Oceanwide Plaza graffiti Oceanwide Graffiti 2.jpg
Oceanwide Plaza graffiti

The events sparked political urgency in Los Angeles, leading the Los Angeles Police Department to allocate resources to safeguard property while ensuring public safety. [28] A newer, taller fence was added to the site to keep trespassers out. [29] Approximately 30 trespassers were arrested, facing a total of 23 criminal charges. [30] [31]

Tightrope visible between the top of Graffiti Towers 2 & 3. Graffiti Towers Tightrope.jpg
Tightrope visible between the top of Graffiti Towers 2 & 3.

In May 2024, China-Oceanwide re-listed the towers for sale. They reportedly need $400 million to pay off the lenders and re-coup their money. [32] Around that same time, a YouTuber named Reckless Ben managed to sneak past the site's security and filmed himself tightrope walking across the top of Graffiti Towers 2 and 3. [33] LAPD launched a criminal investigation afterwards and the video was removed from his YouTube channel. [34] The tightrope remained between the two towers until September 2024.

The Los Angeles City Council announced a cleanup campaign for the graffiti, and on February 9, 2024, the Los Angeles City Council voted to bill Oceanwide approximately $4 million for expenses including graffiti removal and barrier reinforcement. [35] The city later reversed course, stating in March 2025 that they did not wish to incur the cost of graffiti removal. [36] The graffiti on the towers has yet to be removed as of November 2025.

The CEO of Related California, Bill Witte, suggested that the Oceanwide Plaza is not worth the risk of repairs. He believes Oceanwide has accumulated negative value due to the amount of work that would have to be done to repair what has been exposed to the elements and vandalized on top of completing the overall structure. If the Oceanwide Plaza were to be demolished, industry observers put the price at up to $100 million. [37]

According to Mark Tarczynski, a broker for the bankrupt, half-built Oceanwide Plaza, there are two real estate companies, one being American and the other one from abroad, bidding for the unfinished project as of August 2025. The asking price consists of $450 million to fully acquire the site and roughly $1 billion to complete it. Tarczynski insists that the Oceanwide Plaza is still worth the investment. He anticipates closing the deal by the end of the 2025. [38]

See also

References

  1. 1 2 3 "DTLA Mixed-Use Complex Tops Off". Boutiquedesign.com. Archived from the original on April 27, 2018. Retrieved October 30, 2019.
  2. 1 2 Sharp, Steven (December 22, 2015). "Fly Through DTLA's Oceanwide Plaza". Urbanize LA. Retrieved June 21, 2024.
  3. ↑ Plaza, Oceanwide. "Introducing Oceanwide Plaza: Downtown Los Angeles' Newest Residential, Shopping And Entertainment Destination And Future Home Of The New Park Hyatt Los Angeles Hotel". www.prnewswire.com (Press release). Retrieved November 19, 2025.
  4. 1 2 "L.A.'s $1 billion trophy tower halted as China pulls back". Bloomberg News. October 30, 2019. Retrieved October 31, 2019– via Finance & Commerce.
  5. 1 2 "L.A.'s $1 Billion Trophy Tower Halted as China Pulls Back". Bloomberg News . Bloomberg. October 30, 2019. Retrieved June 26, 2021.
  6. 1 2 Kilpatrick, Christine (March 26, 2018). "Massive High-Rise Project Finds Room to Grow in LA | 2018-03-26". ENR. Retrieved October 30, 2019.
  7. 1 2 "Construction restarting at Oceanwide Plaza as debt soars to $98.6M - Curbed LA". LA Curbed. March 21, 2019. Retrieved October 30, 2019.
  8. ↑ Lin, Summer; Gauthier, Robert (February 1, 2024). "Taggers seen in action at graffiti-covered L.A. skyscraper. Across street in 2 days: The Grammys". Los Angeles Times .
  9. ↑ "Oceanwide Plaza". CallisonRTKL. March 6, 2018. Retrieved October 30, 2019.
  10. ↑ "L.A. Condos Take Wellness to a New Level | Multifamily Executive Magazine | Condo Trends, Condominium, los Angeles-Long Beach, CA". Archived from the original on April 9, 2018. Retrieved April 8, 2018.
  11. ↑ Plaza, Oceanwide. "Introducing Oceanwide Plaza: Downtown Los Angeles' Newest Residential, Shopping And Entertainment Destination And Future Home Of The New Park Hyatt Los Angeles Hotel". www.prnewswire.com (Press release). Retrieved November 19, 2025.
  12. ↑ "Press". Oceanwide Plaza. Retrieved October 30, 2019.
  13. ↑ Kim, Eddie (June 2, 2017). "Two-Tower Circa Project Tops Out | Development". ladowntownnews.com. Retrieved October 30, 2019.
  14. ↑ "LA's Largest Mixed-Use Development Releases Never-Before-Seen Offerings | Unique Homes". Blog.uniquehomes.com. February 2, 2018. Retrieved October 30, 2019.
  15. ↑ Pingel, Maile (August 23, 2018). "3 Development Projects Rising In Los Angeles - Luxe Interiors + Design". Luxedaily.luxesource.com. Retrieved October 30, 2019.
  16. ↑ Hendrickson, V. L. (June 10, 2018). "Towers that Wow: New Buildings in Los Angeles, Toronto and Dubai". www.mansionglobal.com.
  17. ↑ Vincent, Roger; Alpert Reyes, Emily; Zahniser, David (January 25, 2019). "Construction halts on $1-billion mixed-use complex in downtown L.A." The Los Angeles Times. Retrieved January 25, 2019.
  18. ↑ "Construction at massive Oceanwide Plaza in downtown L.A. remains stalled". Los Angeles Times . February 2019. Retrieved February 23, 2018.
  19. ↑ Sargent, Joe (March 26, 2019). "US$1 billion LA plaza work restarts". KHL. Retrieved October 30, 2019.
  20. ↑ "After Financial Challenges, Construction For Oceanwide Plaza Restarts". Bisnow.
  21. ↑ Jones, Orion (September 16, 2021). "Lendlease to Exit Oceanwide's LA Megaproject". The Real Deal Los Angeles. Retrieved September 17, 2021.
  22. ↑ Witthaus, Jack (November 1, 2022). "Crane Lowered at LA's Stalled Oceanwide Plaza Development".
  23. ↑ https://www.costar.com/article/2030217368/los-angeles-skyscraper-unfinished-and-for-sale-draws-potential-buyers-—-and-new-ideas
  24. ↑ Jack Rogers. "Oceanwide Default Puts $2B Los Angeles Project on Selling Block". GlobeSt.
  25. ↑ Abramovitch, Seth (February 14, 2024). "L.A.'s Graffiti Tower Sparks Broadside From Rick Caruso As Mayor's Office Scrambles". The Hollywood Reporter. Retrieved April 11, 2024.
  26. ↑ "L.A. joins ranks of cities with 'ghost towers' with graffiti-covered Oceanwide Plaza". Los Angeles Times. February 10, 2024. Retrieved April 11, 2024.
  27. ↑ Lin, Summer (February 13, 2024). "BASE jumpers paraglide from the top of graffitied DTLA skyscraper in viral video". Los Angeles Times. Retrieved November 19, 2025.
  28. ↑ "LAPD resources 'strained' by downtown LA graffiti tower fiasco". NBC Los Angeles. February 13, 2024. Retrieved November 19, 2025.
  29. ↑ FM, KNX News 97 1 (March 12, 2024). "People arrested at DTLA 'graffiti towers' face 23 charges". www.audacy.com. Retrieved November 19, 2025.{{cite web}}: CS1 maint: numeric names: authors list (link)
  30. ↑ "What's next for the abandoned graffiti-covered high rise buildings in downtown LA? - CBS Los Angeles". www.cbsnews.com. February 28, 2024. Retrieved November 19, 2025.
  31. ↑ FM, KNX News 97 1 (March 12, 2024). "People arrested at DTLA 'graffiti towers' face 23 charges". www.audacy.com. Retrieved November 19, 2025.{{cite web}}: CS1 maint: numeric names: authors list (link)
  32. ↑ "Oceanwide puts graffiti-covered towers up for sale in DTLA". The Real Deal. May 8, 2024.
  33. ↑ "Tightrope walker is latest problem for downtown L.A.'s graffiti towers". Los Angeles Times. May 18, 2024. Retrieved November 19, 2025.
  34. ↑ "LA graffiti tower tightrope walker faces LAPD criminal investigation - CBS Los Angeles". www.cbsnews.com. May 20, 2024. Retrieved November 19, 2025.
  35. ↑ "Los Angeles Sets Deadline for Oceanwide Plaza Cleanup".
  36. ↑ "ABC7 investigation: Why haven't downtown Los Angeles's graffiti-covered towers been cleaned up?". ABC7. March 3, 2025. Retrieved July 4, 2025.
  37. ↑ Staff, T. R. D. (June 20, 2024). "Should a buyer finish LA's Oceanwide Plaza or demolish it?". The Real Deal. Retrieved December 3, 2025.
  38. ↑ Schram, Lauren Elkies (August 12, 2025). "Bankrupt Oceanwide Plaza sale expected to wrap by year's end: broker". The Real Deal. Retrieved December 3, 2025.
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