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 as to the future of the graffiti-tagged towers and a few short weeks after a new "saw horse" bidder had dropped their inquiry without submitting any offers. 

“A key hurdle that any buyer would need to surmount is the question of financing: not so much to acquire the project, but rather to finish construction on it. The project has been appraised as-is at $434 million by Colliers as part of the Oceanwide Plaza bankruptcy proceedings. Completing the three-tower residential, retail and hotel complex could mean spending twice that amount,” their report reminds us.

(The 1.4-million-square-foot CallisonRTKL design was abandoned in 2020 and now stands as perhaps the largest unfinished project in the United States.)