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.

San Jose Mercury News

More related Positive News

• No Related Posts