Development Experts Urge Los Angeles to Make the Best of a High-Profile Failure

Published on February 21, 2024

When developers announced the $1-billion Oceanwide Plaza project in 2016, they promised a crown jewel in the booming downtown Los Angeles renaissance and said it would be “one of the most significant mixed-use developments in the history” of the city, that would “magnificently” reshape the skyline. But years after construction halted in 2019, the unfinished and abandoned luxury three-tower site next to Crypto.com Arena has become a symbol of the city’s dysfunction since controversy erupted over its graffitied glass facades in recent weeks, observers argue. “This building is a huge sign we have a decaying downtown and we have a big problem in LA, that this kind of thing can happen in downtown,” developer and former Los Angeles mayoral candidate Rick Caruso told Fox 11 News Feb. 15. “I’ve never heard of such a thing happening before.”...

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