L.A.’s $1 Billion Trophy Tower Halted as China Pulls Back
- Oceanwide Plaza is stuck in limbo as developer seeks loan
- Subcontractor wants to press on with lawsuit over unpaid work
Oceanwide Plaza in Los Angeles.
Photographer: Frederic J. Brown/AFP via Getty Images
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It’s meant to be one of the crown jewels of downtown Los Angeles’ urban renaissance but now it’s in limbo -- plagued by lawsuits from subcontractors, and victim of an ongoing trade dispute between China and the U.S. and a Beijing crackdown on credit and capital flight.
Construction has largely stalled at the three towers of Oceanwide Plaza across from Staples Center where the NBA’s Lakers and Clippers and the NHL’s Kings play their home games.