In downtown Los Angeles directly across the street from Staples Center/crypto where the Lakers play and a stone's throw from The Palm steakhouse is an imposing yet unfinished skyscraper. The idea was retail on the bottom, hotel in the middle, and $$ residences higher up
It has languished incomplete-- basically rotting-- in part because of EB-5 financing trouble + Oceanwide.
It's expensive to finish, expensive to demolish and the hellish post-covid/high-interest commercial real estate landscape means it will likely remain there for a while
It's just been sitting there because of EB-5 financing trouble. Especially in post-Covid commercial real estate environment
It has languished incomplete-- basically rotting-- in part because of EB-5 financing trouble + Oceanwide.
It's expensive to finish, expensive to demolish and the hellish post-covid/high-interest commercial real estate landscape means it will likely remain there for a while
It's just been sitting there because of EB-5 financing trouble. Especially in post-Covid commercial real estate environment
The fiasco took down a sitting City Councilman (who was just sentenced 13 years in prison: https://www.justice.gov/usao-cdca/pr/former-los-angeles-poli...)
More info:
https://en.wikipedia.org/wiki/Oceanwide_Plaza
https://www.costar.com/article/2030217368/los-angeles-skyscr...