Inside the $1BN Skyscrapers Frozen in Time - Oceanwide Plaza
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- Опубликовано: 9 июл 2024
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The Oceanwide Plaza towers, once set to be the largest mixed-use development in downtown LA, have faced numerous challenges, including poor US-China relations and a volatile real estate market. Construction began in 2015 but halted multiple times due to financial issues and lawsuits. By 2023, the project faced foreclosure and was listed for sale, needing significant investment to complete. Vandalism and graffiti in 2023/2024 further tarnished its reputation. Despite its uncertain future, there's hope that a new buyer can transform the site to meet current real estate demands, possibly involving smaller apartments and rethinking retail space.
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Courtesy of Chinese developers, we got our own rotten tail buildings.
Courtesy of the US, the planet is full of carbon in the atmosphere. Courtesy of your mom, kids today lack critical thinking skills.
Good overview. The longer that sits in limbo, the more likely its going to be demolished. The last time I drove by it still had missing glass panels (normal at new construction sites for ventilation during the day) so that's letting in the environment to deteriorate all the internal structure - rain, humidity, sun & heat, birds and other animals. Toss in the graffiti and interior vandalism (stripping out materials for scrap value is a biggie problem in L.A. right now) and I'd bet its going to be a demo project. Best thing the City of L.A. could do is force the developer into bankruptcy to sell it, or take it over themselves through eminent domain (a proper use of this tactic) and sell it to a new developer for whatever they can get for it.
Angeleno here, I've been going to Anime Expo at the Convention Center since 2013 and have slowly watched the space go from parking lot to skyscraper. I didn't go to AX from 2018 to 2023. This year when I went I thought how is the eye sore still not done?! I always saw it as a bad imitation of Times Square and that luxury apartments were the wrong choice with the current state of housing in LA.
Lots of Angelenos familiar with downtown and the real estate market thought this project was way too big for the area and any potential market and questioned its viability back in 2014.
This project is not about the investment itself. It is for the eb5 program for green card.
Wow, and here I was thinking that 7-8 floor residential building with construction halted for years nearby my neighborhood of a small city of 200.000 people was a very bad thing, and yet, here we have 3 skyscrapers over 40 floors aspiring to be the Ryugyong of downtown LA... what an eyesore for those living nearby!
And I know next to nothing regarding skyscraper building legislation, but I'm pretty sure someone should be responsible for finishing building what they've started!...
I liked the vision and was excited to see it come to fruition but yes very sad to see the current state 😔 Someone should buy it soon. The longer it it sits like that the more of a hazard it can pose to the rest of public. A project like this could've really revitalized Downtown LA and LA Live in general. I hope it does get finished..if not? The 53 story tower could still become a hotel. The 2 smaller 40 story towers could be transformed into single family apartments. The bottom levels could include a gym, a grocery store, schools/daycares, day spas, salons, or some sort of social space for residents.
Abandoned buildings are so fascinating
Years ago my friend she had traveled to Detroit to take a tour of abandoned buildings in the city.
That apparently was a regular tour given in the city at the time.
No offense to Detroit - may it prosper again.
@@geofflepper3207 lots of old car factories to investigate there, I must go sometime.
LA is Dying… no one in their right mind would purchase this growing’ stinking’ mess. Jc from L.A.
Bustling downtown…. 😅
These sky scrapers are always dick measuring contests. LA need super blocks like those in Barcelona so they can create green corridors, plant trees and cool down areas where only pedestrians can access. It’ll improve our walkability and business growth. LA’s city planners need to see what actually works in other cities. 🤦♂️
Anyone buying that development would be wise to have engineers thoroughly inspect the structure and foundation to make sure it’s not typical Chinese tofu dreg construction and materials
Ocean Wide almost sounds like Open Wide. 😂
UCLA Housing, classrooms below, naming rights to the buyer, that would work.
Building this expensive complex within a marginal neighborhood is perhaps a very bad investment!
Crime and gang activity is very common and present surrounding this area!
Any potential convention and retail activity is on a significant decline in the general downtown area! Vandalism is an indisputable indication of eventual failure!
Great video. As an architecture/skyscraper fan it hurts to see such buildings rot away in the skyline like it was Caracas or Baghdad especially at one of the most prominent sites in America, across the street from the Staples Centre and LA Convention Centre... It would be nice to see a private-public partnership to add hotels, AFFORDABLE housing and more upmarket options to give it an economically balanced traffic base on which to fill the base retail units... Honestly this is where a bit MORE government intervention is probably warranted..
You forgot Las Vegas. When an recession hits, all construction comes to a halt. The Fountainbleu came to halt 10 years ago and they finally finished it, all 64 floors.
Hopefully all these project that are beneficial to the community gets done
It will in the next decade… Looks like LA took a page out of Miami DT book… So ill guess theyll continue to complete these future renderings in 2030s
This isn’t even a discussion
all these projects involve creating a small downtown area within it's architecture.
Graffity towers
Apple should buy it.
I hope an investor comes and modifies it.
Good video...sad state of affairs
Last place I would want to live, can you say projects…
Wow just like gta 5, the never finished tower
The main reason it will not be a success is because its in downtown LA ...
Downtown LA is the ghetto. Why would you build billion dollar skyscrapers in the ghetto?
… to make it not the ghetto!! In Chicago they have fully gentrified the former Cabrini green projects into probably the most expensive area in the city. Expensive but very walkable and livable. The same could easily be done to downtown LA. Now the difference between the two is Cabrini green was a real “ghetto” where no wealth could be found. downtown LA has million dollar condos all over mixed in with the homeless so this project while huge could have easily blended into the area. I don’t think one could describe Downtown LA as a ghetto due to the cost of living. The people you see on the streets are not “residents” so to speak so all it would take is some harsh new laws and all of a sudden things change. First things first, make it a felony to camp downtown and send those who are compliant to the desert and those who fight to jail. There you have it no longer a ghetto
@@Peewyldfor mayor
informative and well researched!! Thanks
South Park ? Sounds right 😂
Why are the Chinese.building in America?
The original plans looked nice.
Chinese money is dumb money. Nobody wants to live in downtown LA. They want to live on the west side. There must be a dozen similar developments in Dallas under construction right now but in areas where everyone wants to live or stay and no silly malls or garish LED screens. Just classy buildings with nice walkable landscaped spaces to enjoy so they have no trouble selling them out. LA is saturated with mini-malls which I could never figure out because it has such great weather. Who wants to shop indoors?
Stop it. Dallas is horrid.
Who wants to shop indoors? Everybody! That’s why shopping malls are very successful in so many countries.
Nobody shops when the stores close from shoplifting and looting. LA is a mess. This development is in a city in decline.
if they ever finish the building they should incorporate some of it into the design if they sort out the offensive stuff.
Lets go Gavin! #FGN
This is what happens when you have spineless city politicians who do not aggressively go after the Chinese developer. The entire site needs to be demolished, and the empty site sold off to a reputable US developer who will be held responsible for any future site abandonment. This abandonment is appalling and should never have been allowed to happen!
It’s cheaper to finish the building than demolish and start over. You can’t hold anyone to account when they go bankrupt. That’s the nature of big developments. Unfortunately, the business case to finish the project might be nonexistent because of progressive policies: homelessness, tenant laws, high crime, high interest rates and taxes, high minimum wages.
Make it into the worlds largest homeless shelter.
Are you attempting to be witty? A miserable fail on your part.
So they can do drugs in luxury? 😆
Yup
@@Lazlo. make it a rehab center. And put them in there whether they like it or not. And make homelessness and drugs illegal.
This will never work I’ve done work with the council in London where they give homeless people houses and no matter how good intentioned they can’t look after a property and just smash it up in a few days. You put homeless people in a big building it’ll be such a bad move.
California needs more affordable housing and what do they do ....Build shoe box sized apartments worth millions of dollars which won't make the surrounding area more affordable . Building more housing isn't going to lower the cost because these companies use a software made by real page which artificially inflates the value of that property.
BLAME THE CONTRADICTIONS OF CAPITALISM....!.
Surprisingly all the multi-million-dollar condos I've seen built get sold, so the market is there for them. I've been involved with some smaller 'luxury' multi-family projects south of the downtown L.A. area (Orange County) and they all sold out within a year of going on sale. If it turns into an apartment building the development agreement usually sets aside a certain percentage of the units for low-income persons (10%-15% is what I used to see).
“California” didn’t build this tower- private developers did. Public housing is being built - even high rise public housing. Not enough, but it is happening. There will always be a market for private development in America because we live and breathe capitalism here.