Korean Air announces $1B LA project
A business conglomerate has revealed plans to build two skyscrapers in downtown Los Angeles that would put an indelible mark on the city’s landscape.
Korean Air is leading the group, which has proposed a $1 billion project that includes displacing the Wilshire Grand hotel and nearby offices. In their place, the conglomerate plans to build a hotel, office and retail spaces, the Los Angeles Times reported Friday.
The project includes 40- and 60-story buildings.
This will be an icon of the Korean community for Los Angeles, Korean Air Chairman Yang Ho Cho said.
Korean Air is the most visible company owned by Hanjin Group, which brings in revenue of about $20 billion a year, the newspaper said.
In South Korea, Hanjin is known as a chaebol, a family-owned conglomerate that is pivotal to the country’s economy.
Los Angeles City Councilwoman Jan Perry supports the project so far, the newspaper said.
It’s amazing that anybody has the capacity to engage in new construction right now, Perry said.
I’m looking forward to engaging in the process to move it forward, she said.
The airline has hired Thomas Properties Group to manage the project, which includes a 40-story luxury hotel with 700 rooms standing next to a 60-story office building.