LOS ANGELES-Legacy Partners plans to develop 197 apartments and 30,000 sf of ground-floor retail space on a two-acre site near the L.A. County Museum of Art that the developer has acquired from KB Wilshire Burnside, according to NAI Capital Commercial. The brokerage represented both sides in the sale of the parcel, which is at 5550-5570 Wilshire Blvd.Randy Sheinbein and Ken Kennedy of NAI Capital Commercial say that the Irvine office of Foster City-based Legacy plans to demolish the existing buildings on the property, which include office and retail space, in the second quarter of 2005 and redevelop the site into a five-story, mixed-use complex in an art deco architectural style. The 30,000 sf of retail space will include a restaurant and other neighborhood oriented retail establishments. The 197 apartments will fill the four upper floors and will average 1,082 sf. The complex will include two and a half levels of underground parking and will have a full block of frontage on Wilshire Boulevard between Ridgeley and Burnside avenues and will be located three blocks east of the L.A. County Museum of Art and the La Brea Tar Pits. The Legacy Partners project will be called Legacy At Wilshire Miracle Mile for its location in the Miracle Mile district of Wilshire Boulevard. It will be the latest of several conversions of other product into apartments on Wilshire Boulevard outside of Downtown L.A., where office-to-apartment conversions began in the city. The project also represents the second apartment conversion in Southern California by Legacy to be reported on GlobeSt.com this week. The other was a 294-unit project at 2801 and 2811 Main St. in Irvine, where the developer has razed two office buildings to develop the apartment complex.

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