Los Angeles is preparing to host two major international events: the 2026 World Cup and the 2028 Olympics.

Beyond concerns about the city’s readiness to accommodate millions of global visitors, with challenges like inadequate public transit and significant homelessness, another issue is drawing the attention of business leaders.

In the heart of downtown LA, a massive, unsightly structure catches the eye.

Visible for miles along the 110 Freeway and looming over the crowds at Crypto.com Arena, this cluster of three towers was originally intended to offer luxury amenities.

The first tower was designed to house a 184-room five-star Park Hyatt hotel and 164 upscale condos. Meanwhile, the second and third towers were planned to include 504 residential condos, with a retail mall occupying the first three floors. Additionally, a two-acre private park was envisioned for the ninth floor.

Despite the big and bold hopes for Oceanwide Plaza, plans fell through when Beijing-based developer Oceanwide Holdings ran out of funds in 2019. 

The real problem did not arise until late 2023, when the first of many vandals — Akua, Sour, and Castle — spray-painted their names across the floor-to-ceiling windows of the highest tower.

Then, in early 2024, another group of vandals followed suit. The graffiti artists climbed over fences surrounding the abandoned complex and wreaked havoc. 

Standing tall and proud in the center of downtown LA is a very large eyesore known as the Graffiti Towers 

In late 2023, first three taggers spray-painted their names across the floor-to-ceiling windows of the highest tower

In early 2024, another group of vandals followed suit, climbing fences and spraying their own graffiti across the development 

Cassy Horton, co-founder of the DTLA Residents Association

They trekked up dozens of flights of stairs and plastered the 27 floors of the deserted project with graffiti. 

Officially named Oceanwide Plaza, the the development of three unfinished high-rises is now known as the Graffiti Towers.  

‘The Graffiti Towers have worldwide infamy at this point,’ Cassy Horton, co-founder of the DTLA Residents Association, told the Los Angeles Times. 

‘It’s like this beacon that shines and says, “Come create mischief down here and you won’t get in trouble. This is the spot to do it.”‘

Construction on the three apartment towers began in 2015 but was halted in January 2019 due to financing issues. 

Work briefly resumed in March 2019 after nine subcontractors filed liens totaling $98.6 million, but construction stopped again later that year amid lawsuits and unpaid bills. 

The project stalled as Chinese investment in US real estate declined following government restrictions on capital outflow and the trade war.

By late 2019, all work was on hold. After developer China-Oceanwide defaulted on its debts, the project was foreclosed in June 2023 and listed for sale. 

Vandals in 2024 trekked up dozens of flights of stairs and plastered the 27 floors of the deserted project with graffiti

The cluster of three towers are easily visible from miles away along the 110 Freeway and overlooking the crowds attending events at Crypto.com Arena across the street

Lu Zhiqiang, chairman of China Oceanwide USA Holdings

In September 2024 a federal judge set a date for a bankruptcy auction of the property, claiming there were several potential bidders, but it ultimately did not end up going through. 

The real estate broker managing the sale, Mark Tarczynski of Colliers, told the Real Deal that that two real estate companies, one from the US and one from abroad, are competing as bidders. 

He said he thinks the deal will close by the end of 2025.

Along with the purchase price of the buildings, the project is also only around 60 percent completed. 

Any buyer would need to finish the work, which could cost as much as $1 billion, according to the Los Angeles Times. 

Before it was purchased in 2014, the Oceanwide Plaza site was a lot used for event parking.