Miracle Mile Development Breaks Ground Under Favorable Circumstances
- Aug 21, 2012
BRE Properties recently broke ground on an 800,000-square foot mixed-use development at the corner of Wilshire Boulevard and La Brea Avenue. The $105 million project is situated just at the edge of the coveted Miracle Mile area in Los Angeles, and in close proximity to the Mid-Wilshirem Hancock Park and Koreatown areas of the city.
The developer is working with Bernards, one of the leading commercial builders in the country, for the pre-construction phase of development. A tentative completion date for the project has been set for April 2014. The 3.38-acre site occupies an entire block and was previously the location of a one-story abandoned bank. Before its demolition, however, the building had been converted into a Korean church.
Dubbed The Wilshire at La Brea, the new BRE Properties development will feature 480 residential units as well as 44,000 square feet of retail space. Parking at the site will be ensured by an underground parking structure offering 997 spaces. The mixed-use project is one of the first developments of its kind in the area since the effects of the market downturn hit the city. Amenities will include two swimming pools, a state-of-the-art fitness facility and themed façades on street-facing sides of the structure that will encourage investors interested in the retail component of the project. The site also boasts 500 feet of frontage on La Brea Avenue, as well as 270 feet on Wilshire.
According to architecture firm TCA, the development will seek LEED Silver certification, as it is also part of the city’s new infill development initiative. The planning policy currently in place encourages the replacement of obsolete structures in order to increase density in urban infill areas. Wilshire at La Brea has already garnered a number of awards such as the 2011 Gold Nugget Grand Award for “Best-on-the-Boards,” sponsored by the California Building Industry Association.
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