For years, three unfinished skyscrapers in Downtown Los Angeles have become an unlikely landmark, covered in enormous graffiti tags and serving as a reminder of one of the city's most troubled property developments.
Oceanwide Plaza, better known to many Angelenos as the Graffiti Towers, sits directly across from Crypto.com Arena and L.A. LIVE, in an area expected to attract huge crowds when the 2028 Olympic Games arrive.
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Now there is renewed hope that the long-abandoned project could finally be brought back to life.
But after years of delays and failed attempts to move the development forward, some locals are understandably reluctant to get too excited.
So what happened to Oceanwide Plaza, what is planned for the site, and will it really be ready in time for the Olympics?
What is Oceanwide Plaza in Downtown Los Angeles?
Oceanwide Plaza was originally planned as a major luxury development featuring three skyscrapers, residential units, a hotel and a large retail and entertainment complex.
The project was intended to transform a prominent block of Downtown LA into a major destination, with a huge digital screen wrapping around the lower levels and shops and restaurants bringing activity to the surrounding streets.
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Construction began in 2015, with Beijing-based developer Oceanwide Holdings investing around $1.2 billion before running into financial problems.
Work stopped in 2019 when the developer ran out of money, leaving the complex roughly 60% complete.
Although the towers had risen dramatically above the city, substantial work remained inside, including the systems and finishes needed to turn the empty structures into functioning homes, hotel rooms and commercial spaces.
How did Oceanwide Plaza become the Graffiti Towers?
The development became an international talking point in early 2024, when graffiti artists gained access to the unfinished buildings and began covering large sections of their glass exteriors with colorful tags.
The scale of the graffiti made the towers visible from across Downtown LA, including from nearby freeways and the streets around Crypto.com Arena.
For some people, the artwork became an extraordinary example of graffiti on an enormous scale. For many nearby residents and business owners, however, the abandoned buildings became a symbol of neglect in one of Downtown's most prominent locations.
The site also attracted trespassers and attention-grabbing stunts, adding to concerns about security around the unfinished complex.
With the 2026 FIFA World Cup and the 2028 Olympics approaching, pressure has grown to address a development that sits in the middle of a major entertainment and convention district.
Has Oceanwide Plaza finally been sold?
There has been a significant development in the long-running saga.
In July 2026, a bankruptcy court approved a sale agreement involving a partnership led by KPC Development and Lendlease, the original contractor on the project. The deal was reported at around $517 million, although the agreement and the steps needed to complete the transaction are distinct from the work required to finish the buildings.
The proposed new owners have said they intend to complete the project broadly as originally planned, with 504 residential units, a luxury hotel and retail space.
Graffiti removal began in July, with the buyer committing to a comprehensive cleanup programme intended to be completed within 90 days.
That is tangible progress after years of inactivity, but cleaning the exterior is only one part of a much larger redevelopment.
Will the Graffiti Towers be finished before the 2028 Olympics?
This is the question many people in Los Angeles really want answered.
The buyer has said the immediate goal is to make the complex look substantially completed from the outside before the Olympics arrive in July 2028. Construction on the wider development was expected to follow the closing of the sale, with the buyer estimating that hundreds of millions of dollars more would be needed to complete the project.
That distinction matters because a building can look finished from the street without being ready for residents, hotel guests or shoppers.
The development still requires major work to its interiors and building systems, while financing, permits, construction scheduling and the delivery of individual components all affect how quickly it can reopen.
In September 2026, Los Angeles City Council also approved a proposal to have consultants assess possible economic development incentives to help get the hotel's development moving.
That shows the city is still working on how to support the project, rather than simply waiting for the towers to be completed.
Why are locals skeptical about the Olympic deadline?
The skepticism is understandable when you consider how long Oceanwide Plaza has already been stalled.
Construction stopped in 2019, and the project then spent years caught up in financial difficulties, bankruptcy proceedings and efforts to find a buyer capable of taking it forward.
Earlier attempts to resolve the site's future did not produce a completed development, and city officials previously raised questions about whether the proposed buyer had demonstrated a sufficiently detailed plan and credible financing to deliver the project.
Even now, removing graffiti and securing the site are much more straightforward tasks than completing three high-rise buildings containing hundreds of homes, a hotel and substantial retail space.
The Olympics deadline also creates a difference between the site's appearance and its actual operation. The towers could look considerably better by 2028 even if every apartment, hotel room and retail space is not ready to welcome visitors.
What will happen to Oceanwide Plaza next?
The immediate focus is on completing the graffiti cleanup, securing the site and moving the development towards construction.
The proposed scheme includes 504 residential units, a luxury hotel and retail space, potentially giving this stretch of South Park a very different appearance if the project is delivered.
Its location is a major advantage: the development sits beside one of Downtown LA's busiest entertainment areas, close to Crypto.com Arena, L.A. LIVE and the Convention Center.
With the World Cup and Olympics expected to bring international attention to Los Angeles, there is a clear incentive to make progress before those events arrive.
But the important milestones will be the completion of the sale, confirmation of financing, the restart of construction and visible progress on the buildings themselves.
Could the Graffiti Towers finally become a Downtown LA success story?
Oceanwide Plaza has already spent years as a symbol of an ambitious project that went badly wrong, and it is easy to understand why residents want to see the site transformed.
The recent sale approval and start of graffiti removal represent progress, but they do not guarantee that the entire development will be operational by the Olympics.
The most realistic way to judge the deadline is to watch what happens next: whether construction properly resumes, whether the hotel and retail plans advance, and whether the buildings move beyond looking finished from the outside.
By the time the world arrives in Los Angeles in 2028, Oceanwide Plaza could look dramatically different from the graffiti-covered towers that have dominated the skyline for years.
Whether the entire project will be ready to open its doors is a separate question, and one that only the coming months of construction progress will answer.
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