LA Allocates $3.8 Million To Secure Abandoned Building

The Los Angeles City Council has approved a $3.8 million budget to fence off and initiate the cleanup of an abandoned real estate project that has become a haven for graffiti artists and base jumpers since a Chinese property firm ceased development in 2019, according to a report by Katherine Tangalakis-Lippert and Hannah Getahun for Business Insider.

The real estate developer behind the project, China Oceanwide Holdings, based in Hong Kong, is undergoing liquidation after encountering financial difficulties nearly five years ago. I Image: Foster and Partners

This allocation marks the initial step in what is anticipated to be a substantial financial commitment by the city, as reported by Fortune.

City Councilman Kevin de León highlighted in recent council meetings that the abandoned project, originally estimated to cost the developer around $1 billion, would require an estimated $2 billion from the city to assume control and complete the project due to the building's deteriorated condition and the necessary repairs for its completion.

The real estate developer behind the project, China Oceanwide Holdings, based in Hong Kong, is undergoing liquidation after encountering financial difficulties nearly five years ago.

Situated near prominent landmarks such as the Crypto.com Arena, home of the LA Lakers, and the site of the Grammys, the abandoned towers present a significant challenge for the city of Los Angeles.

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