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Follow the Money: Dubai Still Believes in the Wilshire Corridor

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Last week, Irvine, CA-based developer John Laing, which is owned by Dubai's Emaar Properties, filed for bankruptcy, leaving behind (at least in the short term) the Madrone, a big hunk of an unfinished project on La Brea. Who wants Hollywood in a downturn, really? Maybe not Emaar, but our wealthy Dubai friends are still betting on their Beverly West project, located at 1200 Club View (pictured above). "As the architect, we're assured that everything is fine," Richard Keating, founder of Pasadena-based Keating/Khang, the project architect, tells us. Indeed, there's a different ownership structure here, the details of which aren't exactly clear. But stopping by the construction site last weekend, it's clear the tower is topped off, while Keating says the project will be finished in one year. By that time, it'll join three other new projects along this stretch of money-dripping Wilshire. More after the jump.

1. Belmont Village, senior living facility, will have 172 units (118 assisted living units and 54 independent living units). Location: 10475 Wilshire Boulevard. Completion: June 2009.

2. Ashton Westwood: 58-unit apartment building from The Hanover Company. Location: 10700 Wilshire Boulevard. Completion: January 2010. (Last summer, we wrote these were going to be condos, so either we messed up, or they switched to rentals)

3. Carlyle Wilshire: A 24-story, 78-unit building, from Elad Properties. Units go for between $2.9 million (the poor people units) to $12 and $15 million for the penthouses. Location: 10475 Wilshire Boulevard. Completion: This summer.