View Single Post
Old Posted Aug 6, 2010, 12:11 AM
colemonkee's Avatar
colemonkee colemonkee is offline
Ridin' into the sunset
Join Date: Nov 2004
Location: L.A. - Skid row adjacent
Posts: 7,371
More news on this project, this time from the Downtown News. I would expect this request to be a very controversial one - and difficult to get approved - considering the current financial state of the City and the controversy raised over similar exemptions made for LA Live and Grand Ave. They'll have to show that there would be a net gain to the City over the "no build" option, which would include leaving the current hotel as-is, complete with it's bed tax revenue.

Developer Seeks Tax Break for Wilshire Grand Project
Korean Air Asking for Fee Waiver on $1 Billion Hotel and Office Effort
by Ryan Vaillancourt, Staff Writer

DOWNTOWN LOS ANGELES – The developer of a proposed $1 billion hotel and office tower that would replace the aging Wilshire Grand Hotel says it needs city assistance to build it.

Wilshire Grand owner Korean Air, which has partnered on the project with developer Thomas Properties Group, is looking for a deal similar to the ones that gave tax breaks to the Convention Center hotel at L.A. Live and the hotel component of the stalled Grand Avenue project.

The city council’s Housing, Community and Economic Development Committee this morning approved a request from the developer for the city to study the Korean Air project financials and evaluate what kind of assistance might be appropriate.

Read the rest of the article here:
"Then each time Fleetwood would be not so much overcome by remorse as bedazzled at having been shown the secret backlands of wealth, and how sooner or later it depended on some act of murder, seldom limited to once."

Against the Day, Thomas Pynchon