When plans for the Oceanwide Plaza development were unveiled in 2015, it was billed as a gleaming symbol of downtown Los Angeles’ renaissance.
The development’s Chinese backers laid out a $1bn vision of 500 luxury condos, a five-star Plaza Hotel and retail space — all sitting in a prime location just across from the arena where the LA Lakers play basketball. A 700-foot LED screen would wrap around the building, giving a pulse to the burgeoning entertainment destination.
Today, however, Oceanwide Plaza remains unfinished and its parent company is out of money. Instead of a prime downtown destination, Oceanwide has become another vexing problem for LA officials who are already grappling with a homelessness crisis and a serious lack of affordable housing.