New owner of graffiti towers in downtown Los Angeles to be named

February 24, 2026 - 02:18

The long-awaited fate of downtown Los Angeles's most infamous unfinished development is nearing a resolution. The identity of the new owner of the graffiti-covered skyscrapers is scheduled to be announced on Monday, according to court filings.

The three skeletal high-rises, known colloquially as the "graffiti towers," have stood as a stark symbol of stalled ambition for over a decade. Originally intended as a luxury complex, the project fell into bankruptcy and disrepair, becoming a magnet for urban explorers and street artists who covered the concrete frames in vibrant, sprawling tags.

The sale is the result of a complex bankruptcy proceeding. The appointment of a new owner is a critical step toward determining the future of the prominent site, which occupies a full city block in the South Park neighborhood. The community and city officials have long sought a resolution, viewing the towers as both a safety hazard and a blight on the area's ongoing revitalization.

While the purchaser's plans for the property remain undisclosed, the announcement will mark the beginning of a new chapter. The decision will likely involve weighing the costs of demolition against the possibility of incorporating the existing structures into a new design, finally bringing a permanent close to the saga of the city's most prominent unfinished canvas.