The opening of the Metro Purple Line extension at Wilshire Blvd. and La Brea Ave. is at least 10 years away, but it has been an inducement for continued development along the Mile.
BRE Properties opened its 5600 building in 2009, adding 284 apartment units; the next year Legacy Partners debuted its 183 condominiums on the market. Viridian apartments opened 60 units at 5658 W. 8th St. in 2008.
Other businesses are joining the development surge.
Associated Estates Realty Corporation purchased the historic Desmond’s Tower at 5500 Wilshire Blvd. and the adjacent parking lot.
Construction is expected to begin in April on The Desmond which will feature 175 luxury apartments and structured parking.
The firm currently is in early stages of the approval process, which includes meetings with the city Planning and Building departments, as well as meetings with neighborhood groups.
The Desmond will include a pool with private cabanas, lounge areas, fitness center and community room. The project will also have rooftop lounge areas with views of the Hollywood sign. Planned amenities in the apartments include open floor plans with private terraces or balconies, secured entry, penthouse suites and city views in select apartments.
Korda Group expects to build 127 apartments at the former Oasis Christian Church site at 5100 Wilshire Blvd. The company also is in escrow on the property housing the Burger King next door. Korda will develop both sites as one project. The firm is also planning on 13,000 square feet of commercial space on the ground floor.
Construction on the BRE seven-story twin apartment buildings and townhouses is expected to be completed in 2014. The block-long $280 million project is bordered by Wilshire and 8th St. between La Brea and Sycamore Ave.
New owner of the two-building Wilshire Courtyard is Tishman Speyer Properties.
The New York–based company purchased the nearly one million square foot office building for a reported $423 million.
Seller was RREEF, a member of the Deutsche Bank Group, who bought the office complex in 2005 for $378 million.
Tenants at Wilshire Courtyard include E! Entertainment, AEG Live, Japan Foundation and Wenner Media.
The twin five-story buildings were built by J. S. Snyder Co. in 1988. When the Courtyard opened, it was one of the most ambitious architectural efforts in Los Angeles in recent years.
Category: Real Estate