Korean Air Building a Hotel in Downtown LA

April 10, 2009 at 1:08 PM | by EricRosen | Comment (1)

Contrary to the prevailing wisdom of the moment, real estate development firm Thomas Property Group, in partnership with Korean Air, has plans to build a new billion-dollar 60-story hotel and condo tower in downtown Los Angeles, where the Wilshire Grand Hotel now stands. The complex would include office space, and an 18,000-square-foot public park.

The building would also be the city�s first new high rise in about 20 years, and Thomas Group Chairman James A. Thomas says that it will satisfy future demand for new office space once Los Angeles bucks the recession. Those Angelenos, always so optimistic.

True, the project is the single ray of sunshine in an otherwise gloomy stall of major constructions projects downtown, though smaller buildings and businesses have continued to open despite the economic downturn.

Thomas is betting that even with the recession, there will be demand for more urban working and living space as the costs of owning a home in LA�s suburban sprawl skyrockets.

If all goes according to plan, Thomas and Korean Air might begin construction as early as 2011, just in time for the credit markets to thaw a bit, even as construction costs remain low.

They�d better if the preliminary design, which calls for glass walls and a slanted profile resembling a ship�s sail, goes through. Ah well, at least there will be something cool and new to look at in the night sky.

For now, the Wilshire Grand Hotel is still open to guests and rooms start at $149 a night.

[Photo of the view from Wilshire Grand: Brighter Worlds]

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