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Breaking: Wilshire Grand Hotel To Be Destroyed For Hotel, Office Project

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[Photo by Flickr user Friday in LA]
Downtown's Wilshire Grand Hotel at 930 Wilshire Boulevard will be destroyed to make room for a two tower project--a hotel and condo tower and an officer tower-- numerous sources confirmed to Curbed tonight. According to one source, the project will consist of a hotel and condo tower, an office tower, and an 18,000-square public park. The development team behind the project is Los Angeles-based Thomas Properties Group and Korean Air Co. Demolition of the 50-year-old hotel is expected to begin in 2011. It's unknown who the architect is on the project. UPDATE: AC Martin, the same firm doing the $1 billion Noho Art Wave, is the unconfirmed architect on the project.

The news follows a Downtown News story posted earlier today on Curbed that a $1 billion project is planned (their story is expected to break on their web site at midnight). While this project is two years off, it clearly gives downtown boosters some good news following a few months that saw downtown's Brockman project enter bankrutpcy, downtown landlord Meruelo Maddux Properties Inc file for bankruptcy, and Related Cos work out an extension on its now-stalled Grand Ave project. Blogdowntown also has a story on the project. UPDATE: Bloomberg News's story notes that the project doesn’t currently have financing, although one would imagine the credit markets would have improved by 2011. UPDATE: Midnight media embargoes be damned. The AP's story is up.
· Downtown News: $1 Billion Development Planned for Downtown [Curbed LA]
· Wilshire Grand to be Torn Down; Replaced with Office, Hotel Towers [Blogdowntown]