Businessman Touts Plans For New Downtown High-Rise
Yang-Ho Cho, chairman of Korean Air, touted the company's previously reported plans to build a $1 billion office tower downtown at a Town Hall Los Angeles forum Thursday.
He said the project could create 12,000 jobs, including 8,000 for its construction and 4,000 after it opens, and would give the city it's first, major office high-rise in more than two decades. The 65-story tower would be built at the site of the circa-1952 Wilshire Grand Hotel at South Figueroa and West Seventh streets.
"Challenges are opportunities for growth, and hard times are the best times for investment,'' Cho said. "We're in the middle of an exciting, emerging downtown.''
The 3.2-acre project will include a 560-room luxury hotel and U.S. Green Building Council's LEED certification standards. Plans are under review by the city, which must approve the structure if construction is to begin.
UCLA Bruins Women's Basketball vs. Arizona State Sundevils Womens Basketball
TicketsFri., Jan. 27, 8:00pm
UCLA Bruins Women's Basketball vs. Arizona Wildcats Womens Basketball
TicketsSun., Jan. 29, 2:00pm
Anaheim Ducks v. Colorado Avalanche
TicketsTue., Jan. 31, 7:00pm
Los Angeles Lakers v Denver Nuggets - Verified Resale Tickets
TicketsTue., Jan. 31, 7:30pm
Despite a Korean Air spokeswoman's statement that there is no timeline yet for the high-rise, previous reports indicate that a ground-breaking is planned for next year.
-With reporting from Weekly wire services. Got news? Email us.
Get the ICYMI: Today's Top Stories Newsletter Our daily newsletter delivers quick clicks to keep you in the know
Catch up on the day's news and stay informed with our daily digest of the most popular news, music, food and arts stories in Los Angeles, delivered to your inbox Monday through Friday.