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.
Sitting there at Kisegi line, I've thought of "wow, huge building". After seeing the proposed plan for the ground floor to be a retail/food center, I think it'll be the best decision
When the state has an AFFORDABLE housing crisis, luxury apartments are opposite of what is needed. Enough with this trickle down theory that if you create a glut of luxury apartments then prices will tumble. Real estate investors aren't stupid enough to overbuild to the point of diminishing returns on their investment, they cut back on building when forecasting downturns in the market.
@@pavelromanenko3718 What the state needs is more housing period. holding shit up because it needs to be AFfOrdaBle is just going to result in the same nimby bullshit that resulted in DTLA being downzoned from holding 10 mil to 2.
Lol yea. But i think the one in GTA 5 is modeled after JW Marriot hotel which is a few blocks away since it resembles it close to design as well as the time the building was being built closely matched the time which GTA 5 was in early development around 2009-2010.
Unpopular opinion, but I actually think this would have been a really cool addition to the LA skyline! Shame it's looking more and more like it will never see the light of day
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.
You are on the nose except for your suggestion on what to do with it. Do the math. The project is essentially worthless. If the city wanted to take it over, they would have taken steps by now. But they know that it then becomes their problem, and they will have to spend a lot more taxpayer money than the 5-7 million they have authorized so far for the upgraded fence. Also, if any trespasser - tagger, slackliner, base jumper - gets hurt or dies, the city will be liable. So no, the city won't do a thing about this project other than having LAPD babysit it around the clock, - while literally a stone's throw away people are getting shot and killed by thieves stealing Cat converters off of vehicles.
@@crosslink1493 It’s tied up in litigation and no one can touch it until the lawsuits are over. My old company I worked for is one of the contractors who is involved in the suit.
@@dan-bz7dz It’s just too late for the homeowners who bought the unfinished buildings. Your government could learn to not accept loans from developers who can’t finish their projects. Their quality is also tofu. Nonexistent standards in construction.
I helped build this building and still shocked and saddened how it turned out. I invested a few years of my life and many miles on my car driving in and out of LA everyday. There should be nothing wrong with the structural integrity of the building as it was 70% complete before we were told we had to pull off the job due to unpaid work. The buildings now have to be gutted due to vandalism. At one point, I heard that they had already sold many of the luxury residences towards the top of each tower. Each of those residences were worth millions. I am curious what happened to those potential owners? it’s crazy to think about the heavy financial repercussions of this project. The retail podium level may have had retailers invest in each space they were slated to lease. One of the towers was supposed to be a hotel too. This is a great example of why we should not allow foreign ownership of US property.
I didn’t know you worked on that project . I think they were referring to the upper levels that were not finished that were structurally unsound. Looks like most of the graffiti is on the windows . That’s not to hard to clean.
Depends on how bad the vandalism has been and if new ownership (when someone finally buys it with intent to finish or demo) is okay with the results of detailed inspections, testing, and age of the existing infrastructure, because that company will be on the hook and liable for anything that fails once they have tenants occupy the space.
How long will those cranes stay standing on their own with no maintenance? I'd bet this place stay abandoned until something dangerous happens from neglect.
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.
As a native east-coaster who moved to LA for 20 years and thankfully got-the-hell out, I could never figure out why LA always seemed to prioritize its own urban architectural demise at every opportunity. Downtown LA's got some amazing old buildings and seems to despise them, preferring developments like this and other quazi-fascist, hermetically-sealed public spaces that never seem to work because those involved are only invested in the process and the target corporate tenants, never its success as an actual place. Santa Monica Place is a good example. "I know why the mall failed. Let's destroy it & build the exact same thing except leave out the roof & add in curved walls. Then people will buy $50 T-shirts again."
We angelinos can't stand the beautiful art deco style of our old buildings(city hall being the best example). We love building soulless warehouses with glass stairwells with big tv's outside to pretend we're futuristic and convince ourselves we don't suck ass
Keep in mind, while the LAPD was providing around the clock security to this project, the TV actor Johnny WActor was killed by people trying to steal the CAT converter off his vehicle just a ston'es throw from Oceanwide.
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.
@@tevanstremel Financial advisors always recommend housing costs should not exceed a certain percentage of income. 'Affordable housing' would mean monthly housing payments that do not exceed a certain amount based on median incomes in a demographic area. Depending on census tracts, in LA that would mean something like $1800 - 2000 a month for a 1BR/1Ba, I suppose.
These sky scrapers are always dick measuring contests. LA needs 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. 🤦♂️
Unfortunately these kind of high rise developments is a financial markets /funding and investment problem more than city planning. Most project like this would be deviating from some zoning codes which usually allow mid rise building which is less profitable, but also allows developers to request larger projects with city council support
@@SFreije1 you can have super blocks while still having these sky scrapers. There is zero need for cars on every single intersection in the downtown area. That’s why it’s dead.
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
Nonsense, The lead contractor is Lendlease. They have a good reputation, and they are still in business. They know any sub-par work would come back them and hurt them. Also, say what you what about the LA Building Dept. they are not as open to bribery as their Chinese counterparts might be.
Two DTLA hi-rises just recently sold at a 60 % discount from their last transaction price. The Gas Company tower and 801Fig tower fetched $150 - 130 approx. Your average house in the IE fetches $400 -500 a sqft.
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.
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!
Every time I go to downtown, which is weekly, it’s always an eyesore to see these buildings unfinished. The city really should buy the property and convert it for housing to bid off to potential buyers.
… 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
To be more accurate, it’s a weird mix of ghetto and high end luxury. Studio apartments in LA go for $2500+/ month on the lowest end. The nicer ones are over $3500+/ month. The ghetto are the places that aren’t gentrified because of stupid policies passed by even dumber LA politicians. Believe it or not, pre pandemic, DTLA real estate was getting more expensive than west LA.
I guess a project like Oceanwide would work if it were fully integrated and you would never have to be in contact with the homeless and urban poor as you go about your daily business. In other words, most everything you need, shopping, entertaining, etc. is within the project and access only provided to residents. Sort of like a gated community.
It is a sight to see as is. It's like something out of cyberpunk fantasy. This would be new and sleek space turned into a workspace for graffiti artist. Surrounded by new Metropolitan spaces and runed down streets. If anyone played Liberty City you'd get that vibe by staring at the skyscrapers
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?
Having grown up here in Los Angeles I remember many of the stalled projects that languished for decades in the 80s, this has the same feeling of some of the projects that were just gathering dust, It will be a nice land mark to rep the city if they just invite graf artist to paint the towers and make it a statement of urban art rather than corporate greed and our politician's blatant corruption.
I guess I missed the part where LA insisted on having "affordable housing" and section 8 apartments as a part of the project. As well as some portion allocated to homeless living spaces. Perhaps LA has solved these problems already!
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!...
Do a search for video on Yt around this subject and you will find there are a number of similar projects around the US. What sets the Oceanwide Plaza apart is that it was tagged top to bottom within sight of the cameras broadcasting the Emmys - and this embarrassing eyesore - to a global audience. Before that it had already been sitting empty, but without the graffiti it just looked like any old construction project with reduced activity.
@@shelbynamels7948 their LA headquarters maybe. They have the most money out of all other companies so it makes sense. Another company just bought it tho so this did not age well
I used to live in the Met Lofts across the street from this mess. Whats remarkable to me is that these could be used to house the legions of homeless that sleep directly in its shadow. Priorities I guess…
And then look at what we just did in Cleveland put all those in one building taller and bigger and just finished barely even noticed they did it so fast
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.
Funny how you suggest uses for this project that were exactly as it was envisioned a decade ago. The market has shifted since then. Your suggestions are outdated.
@@shelbynamels7948 How is it outdated? Lol with LA's continously growing population they need to not only build up, but maximize space as much as possible.
@@tubby_1278 it is outdated, but not for the reasons you suggest. INstead of luxury apartments of a certain size, the market needs smaller apartments that are more affordable. When the project was conceived, WFH and large-scale online shopping wasn't a thing. Now every shop has to fight for its existence against Amazon and Temu, making retail a challenge in a location like Oceanwide. Check out real estate deals on similar properties in the area over the last half year or so. They all had to offer significant discounts from asking price. Costar is a good news source, but they are behind a paywall, unfortunately.
Maybe they should convert it into a giant homeless shelter. Unfortunately they would need at least 10 more buildings this size to accommodate the sheer number of homeless people.
@ 8:50 , Why did Oceanside abandoned this project? California is known to be a hostile State to do business. The International investors pulled out after LA City passed the “Mansion Tax” which taxes the transfer of real estate within the City. Like many of California ‘s big cities LA City politic is dominated by labor unions, especially government workers’ labor unions. LA City is under pressure to generate more taxes by devious ruses to pay the generous labor contracts because Prop 13 severely limited LACity’s ability to raise property tax. Since Oceanside condo is priced in the luxury market, the buyer or seller will paid an additional 5% Mansion tax on top of the 6% real estate commission. That 11% additional overhead is like the iceberg blocking the Titanic. LA City is dead. Courtesy of corrupt politicians signing generous labor contracts with Police ,Fire fighters, and other labor unions. California has the highest and most numerous taxes in the Union. LA City’s money grab is another mail on the coffin of South California- many wealthy people have stampeded out of California. Consequently, California has lost $25 million taxes during the past 2 years despite the socialist politicians levying additional new taxes.
To all future commenters, please, no more suggestions about using the project as housing for the homeless. There are financial and other reasons why that won't happen. You don't know what you are talking about, so stop posting those ideas.
LA won't be proud of because the city in large part takes from its poorest areas and funnels money to the city center. Just look at Wilmington or Panorama City (not an actual city), both neighborhoods in the city of Los Angeles. Both really struggling while a $1 billion or more sit waiting in a part of the city that most of the resident will never use. Unlike most cities in LACOUNTY the taxes are not kept where they are raised and instead are used to mismanage all of LACITY's failed developments. All the time, lobbying, and money wasted when Sylmar still hasn't received it's promised fire station. But even still the city residents are too dumb to allow the city to break apart and potential flourish like many other cities in the county. Letting the neighborhoods decide their futures.
If LA knew what was good for itself, they would focus on micro condos that young productive residents could afford. Only then will downtown come back. Nobody who can afford a master bathroom the size of two car garage is going to pay that kind of money to live in downtown Los Angeles. The surplus of luxury housing being built there will one day prove to be exactly on the wrong side of history. More luxury housing is THE LAST THING Los Angeles needs.
Trump should buy it and finish it especially if he becomes President more he should work out a deal with China to settle expansion fears and build on economic value…..
Someone needs to do a drive thru all of LA near here and more... "artful" graffiti everywhere!!!! I take pics all the time. City Signs/Street signs, buildings, new construction, etc. It's EVERYWHERE. LOL. AS far as Oceanwide plaza is concerned they should take imminent domain and turn it into a assisted living area for mental health challenged individuals and more.
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.
@@finned958 finish or demolish, it doesn't matter. As you said, the business case is nonexistent - either way. to add to your list, DTLA hi-rises are currently being sold for one third of what they were bought for ten years ago See Gas Company Building, bought by the city at $150/sqft, see 801Fig tower, bought at $130/sqft.
"luxury housing" it will sit 80% empty while there are homeless everywhere. Only the Chinese that don't know how crappy LA is would invest in the craphole of LA
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.
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.
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.
Those graffiti vandals must’ve taken weeks, if not months, to completely tag those buildings. Yet, no one stopped them, as they were allowed to finish. (Too bad no one tried to “Donald Trump” them à la Thomas Matthew Crooks. 😱😱😱👎👎👎) Worse, the narrator named the three groups. Yet, the LAPD or DA neither arrested nor punished them. Indeed, they were not even made to pay for the damages or for the million dollars cleanup. Sure, the unfinished project is an eyesore, but it’s made a far worse eyesore by those graffiti vandals’ tags. But rest assured, should the project ever be completed, graffiti vandals, even the original three, will again tag every square inch of frontage. And the homeless, both domestic and international legal and (mostly) illegal migrants and “asylum seekers,” will occupy every available square feet of public outdoor and indoor space. Got to love living in LA.😱😱😱😜😜😜😝😝😝👍👍👍
who ever would buy luxury condos in dtla is out of their minds... the place is a rathole. Also it's so annoying when you mention LA's housing shortage and hint that luxury condos are the solution. The reason the rent is so high in this town, and many apartments are vacant is because a certain group of owners, I'm not gonna say what race, what people... we know I can't say that... its the jewish owners... they pay zero property taxes and they can afford to keep the rent high if it means apartments stay vacant for prolonged periods of time, sometime years. Also, 5 percent seems too low, in reality it's much much higher, to the tune of 20% vacancy. Also, the rent might have gone down in the ghetto parts of the town, but in the nice areas, it has actually gone up!!!! The data doesn't reflect the reality on the ground.
![30 ชั่วโมงคนเดียว บนรถไฟชั้น 3 โซเวียต [Around The World Ep. 2]](http://i.ytimg.com/vi/MlE9boAVqDA/mqdefault.jpg)
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.
Sitting there at Kisegi line, I've thought of "wow, huge building". After seeing the proposed plan for the ground floor to be a retail/food center, I think it'll be the best decision
I also there and thought - wasn't all that graffiti supposed to be cleaned up?
Shut up
When the state has an AFFORDABLE housing crisis, luxury apartments are opposite of what is needed. Enough with this trickle down theory that if you create a glut of luxury apartments then prices will tumble. Real estate investors aren't stupid enough to overbuild to the point of diminishing returns on their investment, they cut back on building when forecasting downturns in the market.
@@pavelromanenko3718 What the state needs is more housing period. holding shit up because it needs to be AFfOrdaBle is just going to result in the same nimby bullshit that resulted in DTLA being downzoned from holding 10 mil to 2.
So is this why the skyscraper is still under construction in GTA 5, after 11 years?
exactly what i was thinking lmao
Lol yea. But i think the one in GTA 5 is modeled after JW Marriot hotel which is a few blocks away since it resembles it close to design as well as the time the building was being built closely matched the time which GTA 5 was in early development around 2009-2010.
Unpopular opinion, but I actually think this would have been a really cool addition to the LA skyline! Shame it's looking more and more like it will never see the light of day
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.
The developer is in china, good luck. LA is stuck with this brick.
@@EAlc-f9t fucking hell man. This sucks
You are on the nose except for your suggestion on what to do with it.
Do the math. The project is essentially worthless. If the city wanted to take it over, they would have taken steps by now. But they know that it then becomes their problem, and they will have to spend a lot more taxpayer money than the 5-7 million they have authorized so far for the upgraded fence.
Also, if any trespasser - tagger, slackliner, base jumper - gets hurt or dies, the city will be liable.
So no, the city won't do a thing about this project other than having LAPD babysit it around the clock, - while literally a stone's throw away people are getting shot and killed by thieves stealing Cat converters off of vehicles.
@@crosslink1493 It’s tied up in litigation and no one can touch it until the lawsuits are over. My old company I worked for is one of the contractors who is involved in the suit.
Interesting Project, sad all the mess is happening.
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.
Let's not forget the fear mongering against China by the US government. That's the narrative being pushed these days
More like courtesy of the Chinese government that put an end to the reckless borrowing. Your government could learn something from that
@@dan-bz7dz It’s just too late for the homeowners who bought the unfinished buildings. Your government could learn to not accept loans from developers who can’t finish their projects. Their quality is also tofu. Nonexistent standards in construction.
@@dan-bz7dzwhat kind of CCP propaganda is this
I helped build this building and still shocked and saddened how it turned out. I invested a few years of my life and many miles on my car driving in and out of LA everyday. There should be nothing wrong with the structural integrity of the building as it was 70% complete before we were told we had to pull off the job due to unpaid work. The buildings now have to be gutted due to vandalism. At one point, I heard that they had already sold many of the luxury residences towards the top of each tower. Each of those residences were worth millions. I am curious what happened to those potential owners? it’s crazy to think about the heavy financial repercussions of this project. The retail podium level may have had retailers invest in each space they were slated to lease. One of the towers was supposed to be a hotel too. This is a great example of why we should not allow foreign ownership of US property.
I didn’t know you worked on that project . I think they were referring to the upper levels that were not finished that were structurally unsound. Looks like most of the graffiti is on the windows . That’s not to hard to clean.
Depends on how bad the vandalism has been and if new ownership (when someone finally buys it with intent to finish or demo) is okay with the results of detailed inspections, testing, and age of the existing infrastructure, because that company will be on the hook and liable for anything that fails once they have tenants occupy the space.
How long will those cranes stay standing on their own with no maintenance? I'd bet this place stay abandoned until something dangerous happens from neglect.
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.
Top 2
Luxe hotel
Cagayan de Oro city
Philippines
Mmmmnnj
@spencer6044 the people they want to buy those units don't want to live in downtown LA
Bustling downtown…. 😅
Can you imagine parking near there? 45 minutes of driving around for dinner.
As a native east-coaster who moved to LA for 20 years and thankfully got-the-hell out, I could never figure out why LA always seemed to prioritize its own urban architectural demise at every opportunity. Downtown LA's got some amazing old buildings and seems to despise them, preferring developments like this and other quazi-fascist, hermetically-sealed public spaces that never seem to work because those involved are only invested in the process and the target corporate tenants, never its success as an actual place. Santa Monica Place is a good example. "I know why the mall failed. Let's destroy it & build the exact same thing except leave out the roof & add in curved walls. Then people will buy $50 T-shirts again."
This whole project is out of step with the current bad economic times. Who can afford to live & shop in a place like that ??? NO one who I know.
Because the people who want to build them don't give a fuck about our historical landmarks. The developers of this project wasn't even American.
We angelinos can't stand the beautiful art deco style of our old buildings(city hall being the best example). We love building soulless warehouses with glass stairwells with big tv's outside to pretend we're futuristic and convince ourselves we don't suck ass
"quazi-fascist" smh. You sound LA alright
@@ezdeezytube it's called sarcasm
Keep in mind, while the LAPD was providing around the clock security to this project, the TV actor Johnny WActor was killed by people trying to steal the CAT converter off his vehicle just a ston'es throw from Oceanwide.
Great another feather in our cap! I’m sure the homeless populations will appreciate it.
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.
What is affordable housing? I hear that term get thrown around a lot.
"Like it was Caracas or Baghdad"? IT IS CARACAS AND BAGHDAD, let's get serious.
@@tevanstremel Financial advisors always recommend housing costs should not exceed a certain percentage of income. 'Affordable housing' would mean monthly housing payments that do not exceed a certain amount based on median incomes in a demographic area.
Depending on census tracts, in LA that would mean something like $1800 - 2000 a month for a 1BR/1Ba, I suppose.
@@tevanstremelits a subsidized extortion and money laundering scheme.
These sky scrapers are always dick measuring contests. LA needs 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. 🤦♂️
Unfortunately these kind of high rise developments is a financial markets /funding and investment problem more than city planning. Most project like this would be deviating from some zoning codes which usually allow mid rise building which is less profitable, but also allows developers to request larger projects with city council support
Horrible idea, LA is not Barcelona. Finish the skyscrapers.
I agree
@@SFreije1 you can have super blocks while still having these sky scrapers. There is zero need for cars on every single intersection in the downtown area. That’s why it’s dead.
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
Nonsense, The lead contractor is Lendlease. They have a good reputation, and they are still in business. They know any sub-par work would come back them and hurt them.
Also, say what you what about the LA Building Dept. they are not as open to bribery as their Chinese counterparts might be.
Great video - this has become an absolute eye sore
informative and well researched!! Thanks
Two DTLA hi-rises just recently sold at a 60 % discount from their last transaction price. The Gas Company tower and 801Fig tower fetched $150 - 130 approx.
Your average house in the IE fetches $400 -500 a sqft.
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.
This project is not about the investment itself. It is for the eb5 program for green card.
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!
Unless youre anime expo apparently. Tickets always sell out.
Good video...sad state of affairs
Every time I go to downtown, which is weekly, it’s always an eyesore to see these buildings unfinished. The city really should buy the property and convert it for housing to bid off to potential buyers.
you don't know what you are talking about. read my comment above. Nobody should post with suggestions like yours.
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
To be more accurate, it’s a weird mix of ghetto and high end luxury. Studio apartments in LA go for $2500+/ month on the lowest end. The nicer ones are over $3500+/ month. The ghetto are the places that aren’t gentrified because of stupid policies passed by even dumber LA politicians.
Believe it or not, pre pandemic, DTLA real estate was getting more expensive than west LA.
I guess a project like Oceanwide would work if it were fully integrated and you would never have to be in contact with the homeless and urban poor as you go about your daily business.
In other words, most everything you need, shopping, entertaining, etc. is within the project and access only provided to residents. Sort of like a gated community.
The intractable homeless problem was settled in 2 weeks when Ping came for a visit. The crapulance is a choice.
Who in their right mind wants to live in downtown LA?
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
It is a sight to see as is. It's like something out of cyberpunk fantasy. This would be new and sleek space turned into a workspace for graffiti artist. Surrounded by new Metropolitan spaces and runed down streets.
If anyone played Liberty City you'd get that vibe by staring at the skyscrapers
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.
@@AgentAO7some malls are closing in some Asian countries because people buy stuff online
Having grown up here in Los Angeles I remember many of the stalled projects that languished for decades in the 80s, this has the same feeling of some of the projects that were just gathering dust, It will be a nice land mark to rep the city if they just invite graf artist to paint the towers and make it a statement of urban art rather than corporate greed and our politician's blatant corruption.
I guess I missed the part where LA insisted on having "affordable housing" and section 8 apartments as a part of the project. As well as some portion allocated to homeless living spaces. Perhaps LA has solved these problems already!
Wow just like gta 5, the never finished tower
was looking for this
Last place I would want to live, can you say projects…
South Park ? Sounds right 😂
I always wondered why the skyline hasn’t changed on Google Earth since 2020! (I’m not from LA)
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!...
Do a search for video on Yt around this subject and you will find there are a number of similar projects around the US. What sets the Oceanwide Plaza apart is that it was tagged top to bottom within sight of the cameras broadcasting the Emmys - and this embarrassing eyesore - to a global audience.
Before that it had already been sitting empty, but without the graffiti it just looked like any old construction project with reduced activity.
I hope an investor comes and modifies it.
Who would be so stupid to throw good money after bad??
Apple should buy it.
for what purpose??
@@shelbynamels7948 their LA headquarters maybe. They have the most money out of all other companies so it makes sense. Another company just bought it tho so this did not age well
Their San Francisco tower only got as far as the foundation. 😂
The main reason it will not be a success is because its in downtown LA ...
I wonder how they will disguise these during the 2028 olympics
Always the same stupid boring projects, with these ugly mega shopping malls, its about time it fails. its time for something completely different.
This better become housing ASAP we need more housing here and better public transportation, metro needs more help!!
My advice is to leave California.
I used to live in the Met Lofts across the street from this mess. Whats remarkable to me is that these could be used to house the legions of homeless that sleep directly in its shadow. Priorities I guess…
No, they couldn't. Stop posting nonsense.
I don’t know how anybody could spend that type of money for a condo in that area. If you go two or three blocks in any directions, it’s crap.
If everything needed is on site, you never have to leave the place.
S0rt of a gated community.
@@shelbynamels7948 would you like a gated community in the middle of Compton ?
And then look at what we just did in Cleveland put all those in one building taller and bigger and just finished barely even noticed they did it so fast
Imagine how many people live in it
They stopped because one dude got sick with LIGMA. 💀
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.
Funny how you suggest uses for this project that were exactly as it was envisioned a decade ago. The market has shifted since then. Your suggestions are outdated.
@@shelbynamels7948 How is it outdated? Lol with LA's continously growing population they need to not only build up, but maximize space as much as possible.
@@tubby_1278 it is outdated, but not for the reasons you suggest.
INstead of luxury apartments of a certain size, the market needs smaller apartments that are more affordable.
When the project was conceived, WFH and large-scale online shopping wasn't a thing. Now every shop has to fight for its existence against Amazon and Temu, making retail a challenge in a location like Oceanwide.
Check out real estate deals on similar properties in the area over the last half year or so. They all had to offer significant discounts from asking price.
Costar is a good news source, but they are behind a paywall, unfortunately.
@@tubby_1278 No developer would want anything like the original plan. A 53 story hotel in that part of town...maybe for vagrants and prostitutes.
Maybe they should convert it into a giant homeless shelter. Unfortunately they would need at least 10 more buildings this size to accommodate the sheer number of homeless people.
Now i know why gta has an unfinished building
Ooh ! Ooh ! Is there gonna be a McDonald's ? Ooh ! Ooh !
A dog-washing facility ?????
all these projects involve creating a small downtown area within it's architecture.
Excellent project to reuse ...for illegal immigrants! 👏👏👏
Ocean Wide almost sounds like Open Wide. 😂
@ 8:50 , Why did Oceanside abandoned this project? California is known to be a hostile State to do business. The International investors pulled out after LA City passed the “Mansion Tax” which taxes the transfer of real estate within the City. Like many of California ‘s big cities LA City politic is dominated by labor unions, especially government workers’ labor unions. LA City is under pressure to generate more taxes by devious ruses to pay the generous labor contracts because Prop 13 severely limited LACity’s ability to raise property tax. Since Oceanside condo is priced in the luxury market, the buyer or seller will paid an additional 5% Mansion tax on top of the 6% real estate commission. That 11% additional overhead is like the iceberg blocking the Titanic.
LA City is dead. Courtesy of corrupt politicians signing generous labor contracts with Police ,Fire fighters, and other labor unions.
California has the highest and most numerous taxes in the Union. LA City’s money grab is another mail on the coffin of South California- many wealthy people have stampeded out of California. Consequently, California has lost $25 million taxes during the past 2 years despite the socialist politicians levying additional new taxes.
That’s what happens when we get people wholly unqualified to run the city. It’s literally the blind leading the blind out here.
What you don't mention, is the foreign investors are Chinese and wanted curb costs by sacrificing build/safety quality
@@spikedpsycho2383 how so? The building was already under construction so that means all engineering designs have been permitted.
Good way of conflating three issues, none of which have anything to do with Ocean Wide. You have no idea what you are talking about.
@@spikedpsycho2383 Chinese investors were not in charge of construction.
Looks like a great place for all the homeless in Los Angeles. ?
To all future commenters, please, no more suggestions about using the project as housing for the homeless. There are financial and other reasons why that won't happen.
You don't know what you are talking about, so stop posting those ideas.
This is Pacifica from Cyberpunk 2077.
Love it! Screw CA, LA.
This isn’t even a discussion
LA won't be proud of because the city in large part takes from its poorest areas and funnels money to the city center.
Just look at Wilmington or Panorama City (not an actual city), both neighborhoods in the city of Los Angeles. Both really struggling while a $1 billion or more sit waiting in a part of the city that most of the resident will never use. Unlike most cities in LACOUNTY the taxes are not kept where they are raised and instead are used to mismanage all of LACITY's failed developments.
All the time, lobbying, and money wasted when Sylmar still hasn't received it's promised fire station. But even still the city residents are too dumb to allow the city to break apart and potential flourish like many other cities in the county. Letting the neighborhoods decide their futures.
If LA knew what was good for itself, they would focus on micro condos that young productive residents could afford. Only then will downtown come back. Nobody who can afford a master bathroom the size of two car garage is going to pay that kind of money to live in downtown Los Angeles. The surplus of luxury housing being built there will one day prove to be exactly on the wrong side of history. More luxury housing is THE LAST THING Los Angeles needs.
They want New York LA and other cities to be like Dubai 😂
How in the ping-pong did LA city council members get into this development!?! There couldn't be corrupt city officials involved...
Herb Wesson.
Trump should buy it and finish it especially if he becomes President more he should work out a deal with China to settle expansion fears and build on economic value…..
Someone needs to do a drive thru all of LA near here and more... "artful" graffiti everywhere!!!! I take pics all the time. City Signs/Street signs, buildings, new construction, etc. It's EVERYWHERE. LOL. AS far as Oceanwide plaza is concerned they should take imminent domain and turn it into a assisted living area for mental health challenged individuals and more.
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.
@@finned958 finish or demolish, it doesn't matter. As you said, the business case is nonexistent - either way. to add to your list, DTLA hi-rises are currently being sold for one third of what they were bought for ten years ago
See Gas Company Building, bought by the city at $150/sqft, see 801Fig tower, bought at $130/sqft.
Graffity towers
Ah Graffiti towers ROFL ROFL
Our leaders SUCK!
"luxury housing" it will sit 80% empty while there are homeless everywhere. Only the Chinese that don't know how crappy LA is would invest in the craphole of LA
Lets go Gavin! #FGN
I thought Rick Caruso was all about LA, why hasn’t he stepped up?
Because he isn't stupid and not in the habit of losing money.
@@shelbynamels7948 So, like you, he has zero faith in LA.
And yes, a major component of real estate development is speculation - in other words, faith.
@@davzaieli We're talking about the Oceanwide Plaza. Let's not stray too far from topic.
I’m on topic, sorry you don’t follow.
5:52 5:52 yay, politicians! Thanks for wrecking LA.
Poor market research by a greedy ass company. Everybody knows that nobody wants to live in DTLA
City of angels buys ocean wide. Who you gonna tax?
we dont want it, take it back
The original plans looked nice.
cant wait to get me a baddie on fig
Why are the Chinese.building in America?
to make money?
no one in LA wants to live in downtown
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.
Graffiti is gross.
USA Goverment buy the proyect and end it ! Budget and project approved! Workers and machinery needed hired ! Construction work starts NOW ! 👏👏👏🇺🇸🇺🇸🇺🇸
Still, tax payer money 😠
UCLA Housing, classrooms below, naming rights to the buyer, that would work.
UCLA isnt even close, i think u meant USC which is actually in the area lol
if they ever finish the building they should incorporate some of it into the design if they sort out the offensive stuff.
Los Angeles is ruined.
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.
Those graffiti vandals must’ve taken weeks, if not months, to completely tag those buildings. Yet, no one stopped them, as they were allowed to finish. (Too bad no one tried to “Donald Trump” them à la Thomas Matthew Crooks. 😱😱😱👎👎👎) Worse, the narrator named the three groups. Yet, the LAPD or DA neither arrested nor punished them. Indeed, they were not even made to pay for the damages or for the million dollars cleanup.
Sure, the unfinished project is an eyesore, but it’s made a far worse eyesore by those graffiti vandals’ tags. But rest assured, should the project ever be completed, graffiti vandals, even the original three, will again tag every square inch of frontage. And the homeless, both domestic and international legal and (mostly) illegal migrants and “asylum seekers,” will occupy every available square feet of public outdoor and indoor space.
Got to love living in LA.😱😱😱😜😜😜😝😝😝👍👍👍
CA needs a better governor. And the development is Chinese-style. Should be more like European-style and more walkable.
Nightmare.
Sale contingency, deportation
real life mile high club
DISGUSTING! Leave California.
No. Stay! Stay in California!
LA didn’t develop this lol
Why do you carry your words. Just say the damn word without elongating the tail end of the word.
not a chance under biden admin, FJB
who ever would buy luxury condos in dtla is out of their minds... the place is a rathole. Also it's so annoying when you mention LA's housing shortage and hint that luxury condos are the solution. The reason the rent is so high in this town, and many apartments are vacant is because a certain group of owners, I'm not gonna say what race, what people... we know I can't say that... its the jewish owners... they pay zero property taxes and they can afford to keep the rent high if it means apartments stay vacant for prolonged periods of time, sometime years. Also, 5 percent seems too low, in reality it's much much higher, to the tune of 20% vacancy. Also, the rent might have gone down in the ghetto parts of the town, but in the nice areas, it has actually gone up!!!! The data doesn't reflect the reality on the ground.
california is a failing state lol
Thanks Democrats!