A China-based developer abandoned the Oceanwide Plaza property in 2019. (photo by Edwin Folven)

Los Angeles Mayor Karen Bass announced on July 20 that graffiti removal and blight abatement has begun after the sale of Oceanwide Plaza, the unfinished buildings in Downtown Los Angeles also known as the “Graffiti Towers.”

The buyer, a group led by KPC Development Co., has committed to immediately start comprehensive remediation work and complete the graffiti removal within three months. The sale marked a major milestone in ongoing efforts to revitalize Downtown Los Angeles and transform one of the city’s most prominent developments.

“Oceanwide Plaza sits at the center of one of Downtown Los Angeles’ most important economic corridors, linking the Convention Center, Crypto.com Arena, LA LIVE and the broader South Park district,” Bass said. “Completing this project is about far more than finishing a building – it’s about restoring confidence, reconnecting a vital commercial corridor and unlocking the economic potential of one of the city’s most strategic destinations ahead of a transformative decade for Los Angeles. I look forward to an expedited closing and the proposed buyer delivering on their commitments.”

After securing stronger commitments from the proposed buyer, the city withdrew its objection to the modified bankruptcy plan. While work remains to be done, the city determined that the commitments by the proposed buyer outlined in the confirmed plan provide an expedited path to remediate the site, restart construction and make construction progress ahead of the 2028 Olympic and Paralympic Games.

A China-based developer abandoned the towers in 2019 after losing financing for the project. Vandals later entered the partially constructed towers and covered them in graffiti.

“The selection of KPC Development Co. represents a meaningful step forward and an opportunity to turn the page on a project that has remained unfinished for far too long,” Councilwoman Ysabel Jurado, 14th District, said. “As the sale process moves ahead, we look forward to seeing the graffiti removed and the development of a clear plan to resume and complete achievable construction. Downtown residents deserve to see this property transformed into a source of housing, jobs, investment and economic opportunity that reflects the energy and promise of Downtown Los Angeles.”

“This is an important next step in turning one of Downtown’s most visible symbols of blight into one of its greatest comeback stories,” said Nella McOsker, president and CEO of the Central City Association. “We expect new ownership to be a good neighbor and immediately remediate blight conditions, and we need the city to continue its work to cut red tape so that Oceanwide can restart construction and deliver a project that Angelenos deserve.”

For information, visit mayor.lacity.gov.