If you’ve ever stood on the corner of 11th and Figueroa, you know that specific hum. It’s not just traffic. It’s the sound of a city that finally decided to grow up. For decades, downtown Los Angeles was a place people fled at 5:00 PM. Now, 1111 S Figueroa Los Angeles CA 90015—better known to locals and luxury seekers as the site of the Oceanwide Plaza development—stands as a massive, complicated symbol of what happens when global ambition hits the grit of LA reality.
It’s a weird spot. On one hand, you’re looking at the future of urban living. On the other, you’re looking at one of the most talked-about "ghost" projects in modern real estate.
The Geography of Power
You can't talk about this address without talking about what's across the street. You have Crypto.com Arena (formerly Staples Center) and L.A. Live. This is the South Park district. It’s the high-rent, high-energy core of the 90015 ZIP code. When developers picked 1111 S Figueroa, they weren't just picking a lot; they were betting on a "Times Square of the West."
The scale is staggering. We’re talking about a multi-tower project designed to house a Park Hyatt hotel, hundreds of luxury condos, and a massive open-air retail mall. It’s meant to be a city within a city. But if you walk by today, you’ll see something different. You’ll see the "Graffiti Towers."
What’s Actually Happening at 1111 S Figueroa Los Angeles CA 90015?
The story of this address is kind of a heartbreak for urban planners. Work started back in 2015. Oceanwide Holdings, a Beijing-based developer, poured hundreds of millions into the ground. They wanted 500+ condos. They wanted a five-star hotel experience that would rival anything in Beverly Hills.
Then the money stopped.
By 2019, construction stalled. If you’re looking at the site today, you’re seeing three massive concrete shells. In early 2024, the site made international headlines when graffiti artists base-jumped and tagged dozens of floors. It became a viral sensation, a playground for the bold, and a giant headache for the LAPD. Honestly, it’s the most "LA" thing to ever happen to a luxury development. It turned a symbol of wealth into a $1 billion canvas.
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Why the 90015 ZIP Code Matters
Despite the drama at this specific street number, the surrounding area is thriving. People move to this part of Figueroa for very specific reasons.
- Walkability: In a city built for cars, you can actually live here without one. You’ve got Whole Foods a few blocks away. You have the E-Line and A-Line rail nearby.
- Entertainment Access: You’re steps from the Lakers, the Kings, and every major concert tour.
- Dining: From the high-end steaks at STK to the casual vibes at Pine & Crane DTLA, the food scene is elite.
Living at or near 1111 S Figueroa Los Angeles CA 90015 means being in the middle of a massive experiment. Can DTLA become a true 24-hour neighborhood? The answer is "sorta." It’s getting there. The South Park Business Improvement District (BID) keeps the streets remarkably clean compared to other parts of downtown. They have those "purple shirts"—safety and maintenance ambassadors—who actually make a difference.
The Future of the "Graffiti Towers"
What happens next? That’s the billion-dollar question. The City of Los Angeles has been pushing for the site to be cleaned up or sold. In mid-2024, the property moved toward a bankruptcy sale. Potential buyers are looking at it, but the cost to finish the project is eye-watering. Estimates suggest it could take another $800 million to $1 billion to actually open the doors.
Whoever buys it will be inheriting a masterpiece and a disaster at the same time. The structural bones are there. The location is undeniably the best in the city for high-density luxury. But the stigma of the "abandoned towers" is a lot to overcome.
Real Estate Realities in 90015
If you’re looking to buy or rent in this immediate vicinity, don’t let the stalled project scare you. The market here is actually quite resilient.
- The Ritz-Carlton Residences: Just a stone's throw away. This is where the real ballers live.
- Circa LA: Two massive twin towers that are successfully occupied and offer incredible views.
- Flower Street Lofts: For those who want more of that industrial, "old school" DTLA feel.
Values in the 90015 area stay high because there is no more land. You can't just build another Crypto.com Arena somewhere else. 1111 S Figueroa is the hole in the donut—it’s the missing piece that, once finished, will probably consolidate the entire district.
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Navigating the Area: A Local’s Guide
If you're visiting the area to see what the fuss is about, here is how you do it. Park at L.A. Live. It's expensive, but safe. Walk across Figueroa. Look up. The scale of the Oceanwide project is much bigger in person than it looks on TikTok.
Then, walk two blocks north to The Palm. Grab a drink. It’s a classic power-lunch spot where sports agents and developers talk shop. You’ll hear more about the future of 1111 S Figueroa Los Angeles CA 90015 in that bar than you will in any city council meeting.
There's a specific nuance to this neighborhood. It’s "luxury-adjacent." You have high-end towers next to parking lots. You have flashy LED billboards next to historic brick buildings. It’s a clash. But that’s what makes Los Angeles interesting. It isn't sanitized like a mall. It has scars.
The Impact on the Community
The stall at 1111 S Figueroa isn't just an eyesore; it’s a loss of tax revenue and housing. The city desperately needs those units. Even if they are "luxury," more supply helps the overall market. The graffiti saga actually forced the city's hand. It became such a public embarrassment that Mayor Karen Bass and the City Council had to authorize millions just to put up better fencing and clear the sidewalks.
It’s a cautionary tale about foreign investment in American real estate. When the developer’s home market (China) tightened regulations on capital outflow, projects like this died mid-breath.
Actionable Insights for Investors and Residents
If you are eyeing this neighborhood, here is the ground-truth advice.
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For Potential Renters/Buyers: Look at the "finished" buildings nearby like Oceanwide's competitors. Check the HOA documents carefully. You want to make sure the building's reserve fund is healthy, especially with the rising insurance costs in California.
For Commercial Interests: The retail gap in South Park is real. We have enough bars. We need more "third spaces"—think bookstores, high-end laundromats, or specialized gyms. The foot traffic is there, especially on game nights, but it’s inconsistent.
For the Curious: The best time to see the area is sunset. The way the light hits the glass towers (and yes, even the graffiti on 1111 S Figueroa) is genuinely beautiful. It’s the "Blade Runner" aesthetic come to life.
What to Watch in 2026
Keep an eye on the bankruptcy courts. The sale of 1111 S Figueroa Los Angeles CA 90015 will be the biggest real estate story in the Western US. When a buyer is finally announced, expect property values in the immediate 90015 area to jump almost instantly. It will be the signal that the "dark period" for DTLA is over.
Until then, it remains a monument to big dreams and even bigger complications. It’s a place where you can see the Lakers play, eat a $100 steak, and see a billion-dollar ruin all within a three-minute walk. That’s just life on Figueroa.
To get the most out of this neighborhood right now, focus on the established venues. Visit the Grammy Museum or grab dinner at Fixins Soul Kitchen. The area is very much alive, even if its most famous construction site is currently taking a nap. Use the public transit—the Metro A Line is a straight shot to Long Beach or Pasadena, making this address a weirdly convenient hub for exploring the whole county. Stay alert, stay curious, and keep an eye on those towers. The next chapter is going to be wild.
Practical Next Steps
- Monitor Court Filings: If you're a serious investor, follow the Colliers or JLL reports regarding the Oceanwide Plaza receivership.
- Explore South Park: Walk the loop from 11th Street to Hope Street to see the contrast between the stalled site and the thriving residential pockets.
- Check Local Zoning: If you're looking at smaller properties nearby, the "Cornfield Arroyo Seco" and other DTLA 2040 plans will drastically change what can be built around here.