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The developer of a proposed hotel in Koreatown is seeking a financial incentive package from the City of Los Angeles, similar to those provided to recent projects in Downtown Los Angeles.

In early 2016, Harridge Development closed on its $49-million purchase of the Wilshire Galleria shopping mall at 3240 Wilshire Boulevard - a deal that included an adjoining surface parking lot.  Four months later, the company filed plans with the City of Los Angeles which call for converting the former I. Magnin & Co. department store into a 160-key hotel, as well as the construction of up to 555 residential units with ground-floor retail on the attached parking lot.

According to a motion introduced last week by City Council President Herb Wesson, Harridge has indicated that financial assistance is needed to construct the proposed development, and has provided $150,000 for the City to hire a consultant to "analyze the economics and financing" for the project.  Similar arrangements have recently been made for the three-hotel Fig + Pico development and the Hotel Indigo at Metropolis, both of which neighbor the Los Angeles Convention Center.

Harridge's project is highlighted by a 35-story, 395-foot-tall high-rise building that would rise at the northeast corner of 7th Street and Vermont Avenue.  Construction is expected to occur over approximately 31 months, although a groundbreaking date for the mixed-use complex is unclear.

Harridge is also behind plans for the multi-tower Crossroads Hollywood development in Hollywood, which would create a similar blend of multifamily residential, hotel rooms, and retail space anchored by the iconic Crossroads of the World on Sunset Boulevard.

Rendering of the Wilshire Galleria development. Image via LADCP.
Rendering of the Wilshire Galleria development. Image via LADCP.
Rendering of the Wilshire Galleria development. Image via LADCP.
3240 Wilshire Boulevard. Image via LADCP.

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Six-Story Apartment Building to Rise on Westlake Parking Lot

Another project through the Transit Oriented Communities program.
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A 9,300-square-foot surface parking lot in Westlake is slated for development, according to plans filed last week with the City of Los Angeles.

The property, located at 366 S. Loma Drive, could see the construction of a six-story building featuring 39 apartments - including affordable units - above a partially subterranean parking garage.