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Multiple new bids to takeover the unfinished Oceanwide Plaza complex in downtown LA were reported last week in what could be a positive sign for its future. As per connectcre.com's reporting, an auction has been scheduled for “mid-September.” The update comes after months of speculation... View full entry
With a potential fire sale of the residential, hotel and retail project approaching, a far more complex and expensive question looms over one of the region’s all-time real estate catastrophes: Can it be saved from the wrecking ball? — LA Times
With the fate of LA’s graffiti-tagged Oceanwide Plaza in the balance, the LA Times' Roger Vincent looked into the lack of viable options, finding several CRE experts’ opinions that simply "it’s not worth the risk" trying to "fix" the currently 60% complete three-tower development. This... View full entry
The Chinese owners of the stalled residential, hotel and retail complex towering over Crypto.com Arena have hired real estate brokers to sell the property to buyers who could restart the project after work stopped in 2019. Taggers recently covered its outer walls with graffiti visible from far away. — LA Times
The LA Times also reports the brokerage firm Colliers to have submitted an application estimating the property’s current value at $485 million and stating it is still just 60% completed. Another $865 million would be required to finish the block-scale development designed by CallisonRTKL. Some... View full entry
The New York Times has entered the debate surrounding LA's troubled Oceanwide Plaza development this week after social media and the outside press tied its celebrity status to the neglect of downtowns, housing rights issues, and their relationship to developer capitalism. The Times piece... View full entry
City Council Members in Los Angeles have issued a mandate to owners of the graffiti-tagged Oceanview Plaza development in Downtown to remove the artwork weeks after its unfinished exterior became a national news item and the latest flash point in a debate over the citywide housing crisis that has... View full entry
