Two long-abandoned skyscrapers in downtown Los Angeles are finally on track for a cleanup after years of neglect turned the unfinished site into one of the city’s most visible symbols of urban decay.

The troubled saga began more than 10 years ago, when Chinese developer Oceanwide Holdings paid $1.2 billion for a major parcel across from Crypto.com Arena, betting big on a flashy new addition to the city’s skyline.

Oceanwide envisioned a high-end complex with luxury condominiums and a hotel. But the project ground to a halt in 2019 after Beijing tightened controls on overseas investment and the company’s financing dried up.

Since then, Los Angeles officials have tried to untangle the future of the site through bankruptcy court while the three empty towers remained frozen in place for years.

As the development sat vacant, it gained an infamous new identity: the “graffiti towers.” Vandals repeatedly climbed the structures, covering large sections of the buildings with oversized tags visible across downtown.

The abandoned high-rises also drew thrillseekers, who used the site to film dangerous stunts including base jumps and tightrope walks. Authorities have made dozens of arrests connected to activity at the property.

Mayor Karen Bass increased the police presence around the towers and moved to block access in 2024, but the stalled development continued to loom over downtown as a stark reminder of Los Angeles’ broader economic challenges.

A possible resolution emerged earlier this month when the city dropped its objections to a revised bankruptcy plan submitted by a new buyer. The property, once purchased by Oceanwide for $1.2 billion, has now been acquired for $470 million.

‘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 in a statement on Monday. 

‘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.’ 

The news is a much-needed win for Bass’s administration amid heightened concerns about crime. 

City officials have also been under pressure to clean up the streets ahead of the 2028 Olympic and Paralympic Games.  

KPC Development Co emerged as a potential buyer in February. The company has previously erected commercial properties in California and India. 

A spokesperson for the parties involved said one of the towers will be designed for an 11-story luxury Park Hyatt hotel above residential floors. 

KPC is also building a $300 million hotel next to SoFi Stadium. CEO Kali P Chaudhuri told the Los Angeles Times in February that he was ‘very excited’ about the project. 

‘I’ll try my very best to turn it around and make it the jewel of downtown LA,’ he said. Chaudhuri added that his first priority would be to remove the graffiti. 

Bass said at the time that she looked forward to working with KPC to revitalize the plaza, writing in a statement, ‘Right in the heart of downtown Los Angeles, the blighted Oceanwide Plaza has been an eyesore for too long due to failed ownership.’

‘With the resurgence of our Downtown and as we prepare to host Olympic and Paralympic events right across the street, I look forward to working with the new ownership to transform this plaza into something that spurs further investment — and that Angelenos can be proud of.’

Despite KPC’s interest, the sale had been caught up in bankruptcy court since April as the city struggled to agree on terms. 

City attorneys withdrew their objections on Monday, conceding that KPC had agreed to ‘meaningful improvements’ that serve the interests of downtown residents. 

‘Today’s ruling reflects months of coordinated work across every stakeholder in this case,’ Sharon Weiss, an attorney representing the buyer, said in a statement. 

‘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.’

Among the terms of the agreement was the immediate removal of graffiti within 30 days. 

‘Our team is ready to move from planning to implementation, beginning with graffiti abatement and site cleanup, and ultimately delivering meaningful economic investment, jobs, hospitality and long-term community benefits for Los Angeles,’ Chaudhuri said in a statement to Bloomberg.