Downtown LA Towers Lose Graffiti Coating

The skyline over Figueroa Street in downtown Los Angeles is less colorful than it has been for the last two years. Crews have removed the vibrant graffiti that covered the towers of the Oceanwide Plaza development. The cleanup was a required step before the bankruptcy sale of the property could close.

City officials joined the new buyers, KPC Group and Lendlease, on Thursday to mark the completion of the project. The sale is set to close in January. The property is located across Figueroa Street from Crypto.com Arena and the L.A. Live entertainment center. It stands as a reminder of a stalled $1.2 billion real estate project that halted construction in 2019.

John Petty, a KPC executive, described the moment as the end of a medieval period and the start of a renaissance. He stated that the buyers will finish the complex as originally designed. The plan includes 504 residential units, a luxury hotel, and a shopping center across three skyscrapers. Petty noted that the original design was amazing and will transform the area once it opens.

The original developer, Beijing-based Oceanwide Holdings, spent about $1.2 billion on the project before running out of funds. Construction stopped at about 60% completion. Petty said it will take approximately $850 million to finish the work. Early in 2024, taggers began painting the towers, which reached as high as 54 stories. The graffiti threatened to become a permanent icon for the city during the 2028 Olympics.

Removing the paint was a difficult process. Most of the graffiti was applied by people who reached outdoor balconies in the two residential towers. Some paint was sprayed on windows by individuals who balanced on ledges little more than a foot wide. Petty said his team could not safely remove that paint by hand. Cleaners will next lower themselves on window washing platforms, known as swing stages, to remove the last of the remaining paint.

Kali Chaudhuri, chairman of KPC Group, said the property has long been a symbol of unfinished work. He stated that removing the graffiti is about restoring pride and rebuilding confidence in the area. Councilwoman Ysabel Jurado said in a statement that the removal marks a milestone step toward the development becoming a transformative asset for Downtown Los Angeles. She added that residents deserve to see the property deliver new housing, jobs, and economic opportunity.

The $517 million sale is contingent on securing a construction loan. The developers are currently negotiating financing terms with domestic institutional and private equity lenders. Once the sale closes, the next goal is to make the property presentable for the 2028 Olympics. This includes erecting a massive electronic sign on the facade to bring a Times Square flavor to the street. The complex is expected to be renamed at some point.