The L.A. City Council approved nearly $4 million in city funds on Friday for the unfinished Oceanwide Plaza towers in downtown that have been in the spotlight since photos of its graffitied exterior went viral weeks ago. Just days ago, a parachuter was videotaped jumping off from the top of one of the skyscrapers.
The motion was authored by Councilman Kevin de León, whose Council District 14 covers the area where the buildings are located. It allots the money for graffiti removal and security of the three towers near the Crypto.com Arena. It hopes to recoup the funds from the developer, Chinese firm Oceanwide Holdings Co. Ltd. Construction.
$1.1 million of the city's funds will go to fence off the property, while $2.7 million will fund security and removal of the graffiti tagging on about 30 floors of the towers. The council also directed the city attorney to find a legal avenue to recoup the money from Oceanwide.
After footage of graffiti on each floor of the towers went viral, the city gave Oceanwide until Feb. 17 to remove the graffiti from the towers and fence off the abandoned luxury complex. The council allotted the funding after it became clear that Oceanwide would not meet the deadline.
Construction of the towers began in 2015 before stalling in 2019 after the developer ran out of funds. In January, the city declared the property was substandard "due to inadequate sanitation caused by general dilapidation or improper maintenance."
Oceanwide and city officials have both been players in federal investigations of city officials for bribery and money laundering. Oceanwide, along with former L.A. city councilmen Curren Price and José Huizar, was named in an FBI search warrant against the email account of Raymond Chan, the former head of the L.A. Department of Building and Safety.
