[valgaze]

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

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...

[anon-sre-srm]

Residential is the way forward. Many projects and formerly commercial buildings are getting the apartment conversion treatment, complete with bullshit interior dead spaces to meet regulatory requirements.

It's not a lie, it's commercial real estate!

https://www.youtube.com/watch?v=FbTR3lDuYqk&list=PLkH0kJMHYO...

[reustle]

> complete with bullshit interior dead spaces to meet regulatory requirements.

At least in NYC, the requirement is that bedrooms need to have a window. Are there more requirements than that? I've had kitchens w/out windows in NYC. Bedrooms needing windows doesn't seem very BS to me.

[anon-sre-srm]

Many more requirements. I said commercial conversions in some areas need to permanently render useless a portion of floor area for statute compliance.

https://youtu.be/s2ZUQWojevo