Graffiti gang tags 27 floors of $1bn US skyscraper left abandoned since 2019 after developers ran out of money

9 months ago 4

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GRAFFITI gang has tagged 27 floors of a $1 billion US skyscraper after it was abandoned by developers.

The construction of the three towers was stalled in 2019 amid questions whether the company had the funds to continue.

The three 40-storey towers were part of a luxury estate development[/caption]

The construction was halted in 2019 after the developer suffered financial troubles[/caption]

27-storeys of the two buildings were seen with graffiti tags all over them[/caption]

The high-rise buildings have been left to sit idle for five years.

The taggers took it as an opportunity to cover multiple stories with attention-grabbing graffiti.

Videos began circulating online of the bird view of the high-rise with tags all over it.

The LAPD responded to the video on X, former Twitter, stating they were discussing ways to secure the site.

“The measures will be implemented immediately and the graffiti will be removed,” the LAPD said.

The luxury residential component was a $1-billion real estate development in downtown Los Angeles.

Named Oceanwide plaza, the project was supposed to deliver two 40-storey luxury apartment buildings as well as the 49-storey Park Hyatt Hotel.

Together the towers were to house 504 units of condominiums as well as private screening rooms, fitness facilities and even a dog washing facility.

The grandiose project was to include retail and dining spaces, swimming pools, playgrounds, barbecues, large lawns and a running track.

The plaza was set to finish construction in 2019 and work was taking place inside the structures when it was abandoned due to financial troubles of the developer.

The development was being built by Oceanwide Holdings – a publicly traded international conglomerate.

The Beijing-backed developer generated $2.37 billion in revenue in 2017 – but was declared to have negative financial outlook just a year later.

In January 2019, the company admitted going through financial challenges which prompted them to halt the construction.

“In an effort to prioritise construction activity, and while we restructure capital for the project, interior construction at Oceanwide Plaza is temporarily on hold,” Oceanwide said in its statement.

The developers reportedly expected to sell units to Chinese nationals looking for overseas investments – but the plans were hindered by China restricting flow of money out of the country.

China has become a major investor in US real estate – but the crackdown on foreign investment meant companies had to tighten the belt, reported Los Angeles Times.

Stephen Cheung, president of World Trade Center Los Angeles, told the news outlet: “We have not been seeing as much new investment as we were seeing before.

“I am hoping that this is an isolated incident, not a general trend.

“If it is, that will be very problematic for us.”