LOS ANGELES-The Los Angeles City Council has approved the $1.2 billion redevelopment of Wilshire Grand hotel site in downtown. Korean Air, the hotel owner, and Thomas Properties Group, the developer, have planned to demolish the existing hotel located at the crossway of Figueroa Street and Wilshire Boulevard.
A 65-story office building measuring 1.5 million square foot and a 45-story building with 100 condos and 650 hotel rooms will be constructed on the hotel site. Demolition will start in early 2012.For the full story, go to Los Angeles Business Journal.
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