Korean Air Project in Downtown Los Angeles
Front page of Los Angeles Downtown News (April 6, 2009, issue). Volume 38, Number 14. Story written by staff writer Anna Scott.
Headline:
Korean Air Plans $1 Billion Downtown Project
Plan Calls for Razing Wilshire Grand Hotel,
Building 40- and 60-Story Towers
I see the Wilshire Grand Hotel every time I exit from from the Seventh Street Metro Station, which serves the Red and Blue subway lines. The shopping plaza 7th & Fig is right across the street. It’s just a mile north of the Convention Center and LA Live.
For 57 years, the Wilshire Grand has been at the corner of 7th and Figueroa Streets, and it was bought by current owner Korean Air in 1989. Its CEO Yang Ho Cho admits that no financing is in place yet, though large Korean banks have expressed interest.
The company to be in charge of the project’s development and leasing is Thomas Properties Group, while the design will be by architect David Martin of AC Martin partners. Plans are for a 40-story housing tower with hotel rooms and residences, as well as a 60-story office tower. They’re going to occupying the block bounded by Figueroa Street, Francisco Street, 7th Street and Wilshire Boulevard.
* The parent company of Korean Air is the logistics giant Hanjin Group