Korean Air has retained Thomas Properties Group, Inc. to buikd a one billion dollar mixed-use redevelopment plan for the nearly three-acre Wilshire Grand Hotel and office site on the southwest corner of Wilshire and Figueroa in the heart of the city’s financial district. The proposal envisions a nearly two million-square-foot signature development adding new Class A offices, condominiums and hotel space to the city’s urban core.
Mayor Villaraigosa expressed his enthusiasm for the project -- "This exciting and bold new project is a major step forward in our efforts to add green, multi-use developments to the center of our city. Standing just a few blocks from Staples Center and L.A. Live, the Wilshire Grand redevelopment effort will help revitalize downtown, and we look forward to seeing this proposal proceed through the public review process and produce a new landmark that benefits Los Angeles, the community, and the local economy."
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