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The notorious “Graffiti Towers” in downtown Los Angeles are finally on track for a makeover after a federal bankruptcy court approved a plan clearing the way for their $470 million sale ahead of the 2028 Olympics.
The U.S. Bankruptcy Court for the Central District of California on Monday confirmed Oceanwide Plaza’s revised liquidation plan, paving the way for the long-stalled development to be sold to KPC Square, a joint venture between KPC Group and Lendlease.
As part of the court-approved plan, workers must begin removing the graffiti covering the three unfinished towers within 30 days.
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“Today’s rulings reflect months of coordinated work across every stakeholder in this case,” a release said Monday. “The withdrawal of objections from the City and County, combined with the court’s confirmation, paves the way for the sale to move toward closing.”
Oceanwide Plaza began construction in 2015 as a $1.2 billion luxury development featuring a Park Hyatt hotel, condominiums and retail space across from Crypto.com Arena and LA Live. Construction halted in 2019 after parent company Oceanwide Holdings ran out of money, leaving contractor Lendlease with more than $150 million in unpaid bills.
Over the past several years, the abandoned towers became one of Los Angeles’ most recognizable eyesores after graffiti artists covered the unfinished buildings from top to bottom.
Los Angeles initially objected to the sale in May, arguing the proposal lacked a realistic path forward, but later withdrew its opposition after saying the revised plan included “meaningful improvements that serve the interest of the downtown Los Angeles community.”
“This confirmation is the culmination of a long and complex process, and it delivers exactly what we set out to achieve: a credible path to finally bring this project back to life,” Oceanwide Chief Restructuring Officer Bradley Sharp said.
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The site’s location across from Crypto.com Arena, LA Live and the Los Angeles Convention Center has made its future especially significant as Los Angeles prepares to host the 2028 Summer Olympics.
Downtown leaders have long argued the abandoned complex has become a symbol of the city’s stalled development, while stressing that even if the project isn’t completed before the Games, removing the graffiti, improving the site and restarting construction would dramatically improve one of the city’s busiest visitor corridors.
