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LOS ANGELES-The Irvine office of Foster City-based Legacy Partners plans to develop a $150-million, 13-story condominium tower of 164 units at the site of the former Desmond’s Department Store in the Miracle Mile district. The developer says it will restore the art deco landmark at 5514 Wilshire Blvd. in a joint venture with Blackrock Realty Advisors of New York.Dennis Cavallari, SVP at Legacy Partners Residential Inc., says the company expects to begin the project in the summer of 2006. The 164-unit condominium tower will include flats, artist’s lofts and townhomes that will average 1,600 sf and will be priced at an average of more than $1 million.Laurie-Lustig Bower and Sam Alison of CB Richard Ellis represented Wilshire Dunsmuir, the seller of the property. Besides the living units, the project will feature seven levels of parking, five above and two below ground level. Legacy expects to complete the development in 2008.The Desmond’s building was designed in 1928 by architect Gilbert Stanley Underwood, who also designed the federal courthouse in Downtown Los Angeles and the Ahawahnee Hotel in Yosemite National Park. His Desmond building was one of the first major structures on Wilshire Boulevard in the Miracle Mile.The Desmond site, which was declared a Los Angeles Historic Cultural Monument in 1987, includes two stories of retail space that was home to Desmond’s Department Store, Silverwood’s, W. Jay Saylor and Phelps Terkel. Its art deco tower was a visual landmark long before a later generation of high-rise buildings rose along the boulevard.Legacy Partners bought the 2.21-acre development site for its condo project in a deal brokered by D. William Blakkolb of NAI Capital and Randy Woods of Colliers Seeley International. The Foster City-based firm is also developing the adjacent property at 5550-5570 Wilshire Blvd., which will consist of a 163 residential units with 15,000 sf of retail space.

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