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CurbedWire: Columbia Savings Doomed for Apartments?

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MIRACLE MILE: This is the Columbia Savings building at 5220 Wilshire Blvd, on the LA Conservancy's endangered species list because the land was purchased by developer BRE Properties, which is planning an apartment complex on the site (they are also behind the 5600 Wilshire apartment complex up the street). The folks at the Conservancy tells us they often work with developers to preserve and build around a structure (like the Cinerama Dome at the Arclight Theater in Hollywood). A spokesperson for the development company had no comment on what's going to happen to the building, currently being used as a Korean church, except to say that the project is still going forward. But preservationists have reason to worry--across the street, the Lou's Cadillac building was destroyed for that forthcoming BMW complex, while the House of Tomorrow is still swathed in a big foreclosure sign.

Meanwhile, for those wondering how that 5600 Wilshire project is doing in terms of leasing up, in their most recent earnings statement, BRE Properties reported the following: "At the end of fourth quarter 2008, BRE had one development community in lease-up: 5600 Wilshire in Los Angeles, Calif. When completed, 5600 Wilshire will have 284 units, of which 159 were delivered, and 68 were leased and occupied." We are all about watching the city's rental glut (burp!) so will track this building to come. [Curbed Staff]