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Abandoned Los Angeles towers are emerging as a “$1.2 billion global capital ruin”

A massive effectively abandoned skyscraper project in downtown Los Angeles attracted attention when it was attacked by graffiti artists who covered the two 40-story towers with graffiti, and more recently when daredevil Ben Schneider walked between the buildings on a 500-foot slackline over the city.

Progress on the Oceanwide Plaza project, in the heart of downtown Los Angeles, stalled when its Beijing-based developer went bankrupt. “This $1.2 billion ruin of global capital remained unattended throughout the pandemic, quietly emblematic of overreaching speculative development,” writes Mimi Zeiger in The Architect’s Newspaper.

Zeiger sees this as yet another example of “the banal aesthetics of market-rate capitalism and the farce that fancy condos in the sky could ever offset the tents that line near Skid Row,” predicting that the building will be sold and finished before Los Angeles presents. to the world during the 2028 Summer Olympics. “Bloomberg reported that brokerage Colliers and advisory firm Hilco Real Estate are looking for buyers, preferably those prepared to act quickly. Oceanwide Holdings’ lenders and creditors want to recover nearly $500 million. The developer also has to pay the city.”