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 raises several intriguing, if not "unimaginable," potentialities: The complex could be demolished (an option the paper reported in May) or continue in new hands following a fire sale. Its most recently reported value was just $485 million.
3 Comments
This is very complicated development involving a failed foreign developer, a corrupt LA council member, and a PR nightmare for the City. If there was a viable path forward for a developer to make money off of the project then you would have seen it sold already.
Hard to believe that a serviceable structure cannot be completed by someone to provide housing at some price point. The current owners need to take a loss and f*ck off. The City of LA should probably condemn the property and then sell it someone who gets placed under a binding agreement to complete the work and deliver housing units within a reasonable time frame.
Yeah, the City needs to do something positive with this.
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