Developer reportedly eyeing downtown LA's graffiti-covered Oceanwide Plaza

The infamous graffiti-covered skyscrapers in downtown Los Angeles could soon have a new owner.

A unnamed local developer is interested in buying the property, according to the Wall Street Journal.

The developer would reportedly pay $500 million to buy Oceanwide Plaza, located on Flower Street not far from Crypto.com arena.

The luxury towers were being built by a Chinese developer, with designs that called for condominiums, hotels, retail space and parks. But construction stopped in 2019 after they ran out of money.

In the past year, the towers have gained notoriety as they were overrun by vandals and taggers, who have left the exterior covered in spray paint. The city of Los Angeles had to step in and spend money to partially clean and secure the property.

The new developer will likely have to spend an additional $800 million to complete the project.