Graffiti gang tags 27 floors of a $1 billion US skyscraper abandoned since 2019 after developers ran out of money
A GRAFFITI gang has tagged 27 floors of a $1 billion US skyscraper after it was abandoned by developers.
Construction on the three towers was halted in 2019 amid questions about whether the company had enough money to continue.
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The high-rise has stood still for five years.
The taggers saw this as an opportunity to cover multiple stories with eye-catching graffiti.
Videos of bird's-eye views of the high-rise buildings began circulating online, with tags everywhere.
The Los Angeles Police Department responded to the video about X, former Tweetstating that they discussed ways to secure the site.
“The action will be implemented immediately and the graffiti will be removed,” the LAPD said.
The luxury The residential component was a $1 billion real estate development downtown Los Angeles.
The project, called Oceanwide Plaza, would produce two 40-story luxury apartment buildings as well as the 49-story Park Hyatt Hotel.
Together, the towers were to house 504 condominiums, as well as private movie rooms, fitness facilities and even a dog washing facility.
The grandiose project would include retail and dining areas, swimming swimming pools, playgrounds, barbecues, large lawns and an athletics track.
Construction of the square was due to be completed in 2019 and work was taking place within the buildings when it was abandoned due to the developer's financial difficulties.
The development was built by Oceanwide Holdings – a publicly traded international conglomerate.
The Beijing-backed developer generated $2.37 billion in revenue in 2017, but was told it had a negative financial outlook just a year later.
In January 2019, the company admitted that it had experienced financial challenges that led them to halt construction.
“In an effort to prioritize construction activities, and while we restructure capital for the project, interior construction at Oceanwide Plaza is temporarily suspended,” Oceanwide said in a statement.
The developers reportedly expected to sell units to Chinese nationals seeking foreign investment, but the plans were hampered by China restricting the flow of goods. money from the country.
China has become a major investor in US real estate, but a crackdown on foreign investment has meant companies have had to tighten their belts, the report said Los Angeles Times.
Stephen Cheung, president of the World Trade Center Los Angeles, told the news outlet: “We haven't seen as many new investments as before.
'I hope this is an isolated incident and not a general trend.
“If that is the case, it will be very problematic for us.”
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