Betting on the Future in LA
April 6, 2009 by admin
Filed under Positive Real Estate
Thomas Property Group is announced a $1 billion high-rise office and hotel complex Friday. This will be the first major new downtown construction project since the real estate spiral shift.
Thomas Property Group’s plans call for an 60-story glass-walled building with a slanted profile resembling a ship’s sail that would be built on property owned by development partner Korean Air Co. Along with a 40-story hotel and condo tower and an 18,000-square-foot public park that would replace the 50-year-old Wilshire Grand hotel.
Says Chairman and Chief Executive James A. Thomas:
“There is no place that has the amenities, the attractions that downtown Los Angeles has,” he told The Associated Press on Thursday, a day ahead of the official announcement.
The news offers a glimmer of optimism for a downtown rebirth.
“I think downtown Los Angeles is going to do quite well when this economy recovers,” said Christopher B. Leinberger, a land use strategist and visiting fellow at the Brookings Institution think tank in Washington.
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